Aditya Puri has sold 7.42 million shares or 0.13 percent stake, the bank said. Post this transaction, Puri holds 3.76 lakh shares of the bank or 0.01 percent.
HDFC Bank share price opened lower by over 2 percent at open on July 27 after its managing director, Aditya Puri sold bank’s shares worth Rs 843 crore post July 21, stock exchange filings showed.
Puri has sold 7.42 million shares or 0.13 percent stake, the bank said. Post this transaction, Puri holds 3.76 lakh shares of the bank or 0.01 percent.
The stock price has gained 16 percent in the last 3 months and was trading at Rs 1,091.90, down Rs 26.90, or 2.40 percent at 09:15 hours. It has touched an intraday high of Rs 1,101.40 and an intraday low of Rs 1,091.90.
In a statement, HDFC Bank spokesperson clarified that the value of around Rs 840 crore mentioned in media reports is the value of the shares at the current price. "These shares were allotted to Puri at different times and at different price points (not at par). Therefore, the net amount realised by Puri is not Rs 840 crore. The acquisition cost of shares and the tax payable on the transaction has to be accounted for as well," the spokesperson said.
Puri, whose term as managing director ends in October this year, has been heading the bank for 26 years.
HDFC Bank has reported a 19.6 percent year-on-year growth in standalone profit for the quarter ended June 2020, led by lower tax cost and NII. However, elevated provisions and lower other income due to slowdown in economic activity limited profit growth. Profit during the quarter increased sharply to Rs 6,658.62 crore, compared to Rs 5,568.16 crore in the same period last year.
Net interest income in Q1 FY21 climbed 17.8 percent year-on-year to Rs 15,665.42 crore supported by healthy loan growth of 21 percent in the quarter and deposits growth of 24.6 percent, said the bank in its BSE filing.
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