Shares of HDFC Bank and IndusInd Bank were trading marginally lower in early deals on Tuesday, December 16, after the Reserve Bank of India approved HDFC Bank’s group entities to acquire an aggregate holding of up to 9.5 percent in IndusInd Bank.

At around 9.30 am, HDFC Bank stock was down 0.1 percent at Rs 995.1. The stock has outperformed the broader market with an 11.7 percent gain year-to-date, compared with a 9.2 percent rise in the Nifty 50 during the same period. The lender’s market capitalisation stands at about Rs 7.63 lakh crore.

IndusInd Bank shares were down 0.5 percent at Rs 846.95, extending their weak performance this year. The stock is down 12.6 percent year-to-date, with a market capitalisation of roughly Rs 66,000 crore.

The stock moves came after HDFC Bank said the RBI had approved the group to acquire up to a 9.5 percent stake in private sector lender IndusInd Bank. In an exchange filing late on Monday, HDFC Bank clarified that the approval applies to an “aggregate holding” by its group entities, including HDFC Mutual Fund, HDFC Life Insurance, HDFC ERGO General Insurance, HDFC Pension Fund and HDFC Securities.

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