The outlook has quickly soured for India's $433 billion banking sector after a rare selloff in HDFC Bank Ltd., the country's biggest private sector lender.
Shares of HDFC Bank fell nearly 13% in the last two trading sessions. About 17 crore shares changed hands on Wednesday and Thursday compared to an average of 1.2 crore shares traded between January 1 and 16.
India Business News: NEW DELHI: Shares of HDFC Bank fell for the third day in a row on Friday, tumbling over 12 per cent, with its market capitalisation (mcap) eroding by .
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HDFC Bank, India s largest private sector lender, is seeking approval for a banking license in Singapore. The bank aims to tap into the Indian diaspora in Singapore for savings and term deposits, as well as cross-sell products like mortgages. HDFC Bank already has a presence in London, Hong Kong, and Bahrain. With a customer base of 93 million, the bank is expanding its reach overseas after a merger with Housing Development Finance Corp. last year.