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The country s most valuable lender HDFC Bank can perhaps no longer claim to be a favourite of foreign portfolio investors (FPIs).
Two data indicators, both somewhat interconnected, point to this - the diminishing premium of HDFC Bank s American depositary receipts (ADRs) compared to local shares, and the ample investment opportunities available to FPIs in the domestic market.
The ADR premium has shrunk to below 5 per cent, down from over 30 per cent in March 2021, and even lower than recent levels. ....