HDFC Bank shares fell over 1% on October 8 after shareholding pattern for September quarter showed foreign institutional investors (FIIs) sold 2.43% stake in the private lender to reduce their stake to 39.39% as against 41.82% in June quarter.
Meanwhile, domestic institutional investors (DIIs) increased their stake in the lender by 1.69% to 43.44% while government and public shareholders raised their holding by 0.01% (0.19%) and 0.69% (16.96%), respectively.
At 11:35 am on October 8, HDFC Bank shares were trading 1.3% lower at Rs 693.45 apiece. Meanwhile, Bank Nifty was trading 0.5% lower at 54,783.15.
The fall in the heavyweight stock comes as investors weigh the impact of Anup Bagchi's appointment as CEO at India's biggest private lender.
While most brokerages backed Bagchi's appointment, some analysts warned it would take time for him to settle in.