HDFC Bank was among the top worst-performing stocks on Monday, falling nearly by 4 per cent, after its chief executive and managing director Aditya Puri sold shares worth Rs 842.87 crore of the lender last week.
At 12.50 pm the stock tumbled 3.60 per cent to hit Rs 1,078.50 on the BSE.
Similarly, on the NSE, it dropped 3.67 per cent to Rs 1,078.05.
The share sale, which was executed between July 21 and 23, brought down Puri’s holding in the most valued Indian lender to just 0.01 per cent from the earlier 0.14 per cent, according to regulatory filings.
This latest share sale is the second instance of Puri selling HDFC Bank shares this year. Earlier in February, he had sold lender’s 12 lakh crore shares worth Rs156 crore.
The sale comes months ahead of Puri’s retirement from the bank, which he led to become the largest by assets among private lenders and the second-largest overall over 25 years.
A bank spokesperson explained that the shares were allotted to Puri over a period of time at different price points and stressed that they were not given at par with the face value of the share.