"Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect," RBI said.
As of December 31, 2016, the promoters held 26.09% stake in HDFC Bank. Foreign Portfolio Investors (FPI) held 39.20% stake, followed by mutual fund (11.82%), individual investors (10.92%) and insurance companies (2.96%).
At 09:23 am; the stock was up 8% at Rs 1,432 on the BSE as compared to 0.97% rise in the S&P BSE Sensex. The trading volumes on the counter jumped multiple folds with a combined 2.8 million shares changed hands on the NSE and BSE so far. On the National Stock Exchange (NSE), the stock hit high of Rs 1,454 in intra-day trade so far.
Meanwhile, a sharp rally in HDFC Bank has surpassed Reliance Industries, the refinery giant, in overall market capitalization (m-cap) ranking.
HDFC Bank with an m-cap of Rs 366,436 crore was number two position, ahead of the Reliance Industries (m-cap of Rs 345,471 crore), BSE data show. Tata Consultancy Services (TCS) was at number one rank with m-cap of Rs 482,164 crore.