RBI clears LIC to nearly double its HDFC Bank stake to 9.99%
India's largest insurer just got the regulator's green light to lift its HDFC Bank holding to ~9.99%, up from 4.11% today. That's a 5.88-point rise in the country's biggest private lender, per HDFC Bank's stock-exchange filing. The RBI nod opens the door for LIC to add a hefty banking position to its portfolio. HDFC Bank shares traded flat near Rs 720 on the day.