The MD of HDFC Bank, Aditya Puri has sold over 7.42 million shares, 95 per cent of his stake in the bank for around Rs 842.87 crore during the week gone by.
Prior to the transaction, Puri held 0.14 per cent stake — 7.79 million shares — and post the sale he holds 0.01 per cent stake, 376,000 shares, according to the latest data released by the exchanges. Puri sold the shares during July 21-23.
The development gains significance as Puri is set to retire from the top post of the bank in October after serving as the MD since its establishment in 1994.
The bank’s board last year set up a 6-member search committee to identify his successor.
Puri is credited with building India’s largest and most valued private sector bank. The bank’s market capitalisation currently stands at Rs 6.14 trillion.
At the end of the day’s trade on Friday, its shares were at Rs 1,118.80 on the BSE, lower by Rs 11.90 or 1.05 per cent from the previous close.