In a significant development, the Reserve Bank of India (RBI) has granted approval to Life Insurance Corporation of India (LIC) for acquiring up to 9.99% aggregate holding in HDFC Bank, the nation’s largest private sector bank. The approval, based on LIC’s application to RBI, is subject to various conditions.
Market Context: HDFC Bank shares experienced a significant sell-off recently, pushing them near 52-week lows following the release of the bank’s third-quarter results.
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