HDFC, HDFC Bank shares rise to 1-month high ahead of board meet outcome

Shares of HDFC Bank and Housing Development Finance Corporation (HDFC) reached their highest levels in over a month ahead of the outcomes of board meetings to decide on the merger’s effective date. HDFC Bank’s shares rose 2% while HDFC’s shares gained 1.6%. The combined entity’s market cap is estimated to be $172 billion, putting it just behind Bank of America and global leader JPMorgan Chase. The completion of the merger will also result in changes to the MSCI and FTSE global indices.