In a major development for the Indian financial sector, the People's Bank of China (PBoC) has taken up a 1.01 per cent stake in mortgage lending major Housing Development Finance Corporation (HDFC). The central bank of China acquired nearly 1.75 crore shares in HDFC in the quarter ended March, according to a regulatory filing. The development comes at a time when the share price of the lender has plunged more than 25 per cent in the past one month amid broader weakness in the markets due to the rapidly-spreading coronavirus pandemic.
