Sensex opens in red at 209 points; HDFC twins down
Apr 05, 2022
Mumbai (Maharashtra) [India], April 5 : Equity indices opened in the red on Tuesday with Sensex plunging by 207.99 points and Nifty down by 52.45 points.
The 30 Stock S&P BSE Sensex was down by 207.99 points or 0.34 per cent to 60,403.75 points at 9:50 am.
The broader Nifty 50 of the National Stock Exchange plunged 52.45 points or 0.29 per cent to 18,000.95 points.
Meanwhile, shares of HDFC plummeted 1.66 per cent to Rs 2634.35 at 9:50 am, while HDFC Bank traded 2.58 per cent higher at Rs 1613.65.
Yesterday, HDFC and HDFC Bank stocks rallied after the duo announced merger deals. The Board of Directors of HDFC Ltd and HDFC Bank at a meeting held on Monday morning approved a proposal for a merger of the two leading financial institutions.
As per the terms of the deal, shareholders of HDFC Ltd will receive 42 shares of HDFC Bank for 25 shares held. Existing shareholders of HDFC Ltd will own 41 per cent of HDFC Bank. Post the merger, HDFC Bank will be 100 per cent owned by public shareholders and existing shareholders of HDFC Limited will own 41 per cent of HDFC Bank.
