Sensex slips below 18,000, HDFC down 5%
Citi will get $1.9 billion from the transaction at the current exchange rate, resulting in a pre-tax gain of $1.1 billion (Rs 5,490 crore), and an after-tax gain of approximately $722 million (Rs 3,550 crore).
Selling pressure was back on the bourses Friday as investors booked profit after days of sustained gains. The Sensex slipped below the 18,000 mark, falling 80 points or 0.44%. The broader Nifty index declined 25 points to 5,458.
The banking index on the Bombay Stock Exchange (BSE) led the declines, falling over 1.5%. All stocks on the index traded in red. Four financial stocks - HDFC, ICICI Bank, HDFC Bank and SBI- together accounted for over 100 points on the downside on the Sensex.
HDFC (-4.6%) extended losses and was the top loser on the Nifty index. The counter was under selling pressure as Citi sold its entire stake in the housing finance major. More than 152 million shares of the company have exchanged hands so far.
SBI (1.3%) shares declined after initial rise. The public lender said it will issue shares to the government at Rs 2,191.69 to raise nearly Rs 7,900 crore.