HDFC Bank as well as HDFC figure out among the top five losers on the BSE currently. HDFC Bank fell over 5.5% to hit an intraday low at Rs.1631 while HDFC went down 5% to Rs.2720.

The reason for the fall in the HDFC twins? A report put out by Nuvama Wealth Research said that the merged entity, after inclusion into the MSCI Large cap segment of MSCI Global Standard Indices, instead of seeing any inflows, might actually see outflows to the tune of $150-200 million.

MSCI said in a statement that this merged entity is being added with a foreign inclusion factor of 0.37 after applying an adjustment factor of 0.5.

Nuvama said that HDFC Bank is subject to a Foreign Ownership Limit (FOL) of 74% and has current foreign room below 15%. Based on the latest available shareholding disclosure, the foreign room of the post-acquisition entity is expected to be marginally above 15%.