Axis Bank, Yes Bank shares fall on HSBC stake sale

In 2002, IMD predicted rains at 108 per cent of the long-term average. The actual rainfall was 81 per cent. The difference was a staggering 20 per cent.

NDTV Profit Desk

28 Jun 2012, 11:47 AM IST

Italian Prime Minister Mario Monti

Global banking major HSBC has offloaded its stake in two private sector lenders - Axis Bank and Yes Bank. The deal was routed via block window at a discount of 3 per cent.

Shares in the two firms fell sharply after the block deal.
HSBC sold 4.75 per cent stake or 2.05 crore shares in Axis Bank through four block deals. Over 22 million shares had changed hands in the company on the BSE by 11.10 a.m. The stock traded 3 per cent lower at Rs 970.30 on the BSE.

HSBC got a better response in the Yes Bank block deal, where it sold 4.75 per cent stake totalling 1.67 crore shares. The stock slipped 2 per cent to Rs 328 on the NSE. Over 21 million shares had changed hands in the firm on the NSE by 11.10 a.m.