IDFC top loser on street

IDFC is currently the biggest loser on the BSE, down 7% at Rs.88.45 and this is a small recovery from the 9% plunge it had in the morning, hitting a new low at Rs.86.10.

The stock is deep in the red today after the company yesterday announced that the ceiling limit of its overall foreign shareholding has been reduced to 54% from current limit of 74%. This includes FIIs, NRIs, FDIs, OCBs and foreign nationals. This was done mainly at the behest of RBI, which on 23^rd Aug issued a statement for decrease in foreign investment limit/ceiling in an Indian company under PIS addressed to all the custodian banks.  The company has already reached the prescribed limit at 53.71%.