Rahul Gandhi warns Centre of 'foreign interests taking over Indian cos' amid COVID crisis

Amid ecomic slowdown due to continued lockdown in India due to rise in Coronavirus (COVID-19), former Congress chief Rahul Gandhi, on Sunday, claimed that Indian corporates have become weak, making m attractive targets for takeovers. He added that government must t allow foreign interests to take control of any Indian companies during ongoing crisis. While Centre has t anunced an extension of lockdown, India's COVID-19 tally has risen to 8447 with 273 deaths.

Coronavirus LIVE Updates: Five states extend lockdown till April 30; total cases at 8447

Rahul Gandhi warns of 'foreign takeover' of Indian cos

Mumbai: City records highest single day spike with 217 COVID-19 cases, total at 1308

PCOB picks up 1% of HDFC Ltd.

Earlier in day, People's Bank of China (PBoC)  had bought a 1% stake in India's largest housing finance lenders - HDFC Ltd. This investment amounts to  1.75 crore shares in HDFC, which has reportedly been facing a receding trend in its shares since January. Reports state that share purchase is likely to have happened between January and March. HDFC shares closed at Rs 1,701.95 on April 10, as per market reports.

People's Bank of China buys 1% stake in HDFC Ltd, picking up 1.75 crore shares

HDFC's market woes

With receding demand in real estate and extended lockdown due to Coronavirus, HDFC has been seeing a slump in last quarter of FY 19-20. Reports state that HDFC shares have fallen 32 percent from its 52-week high of Rs 2,499.65 on January 14, 2020. Incidentally, when market indices - Sensex ended FY-20 losing over 1200 points and Nifty lost 340 points, HDFC's shares too tanked inspite of Life Insurance Corporation of India (LIC) increasing its holding in HDFC Ltd to 4.67% in previous quarter.

Sensex gains 2476 points, Nifty up by 708 as India lifts export ban on 26 pharma drugs

Coronavirus hits global ecomy

fear of virus has disrupted business supply chains, while number of positive cases has hit 17,90,233 cases and 1,09,654 deaths. Moody’s have estimated that coronavirus has increased risk of a global recession as advanced countries United States, Japan, Germany, Italy, France, Britain, and Korea battle virus, but UN has claimed that India and China may be spared. Analysts have said that as China is largest supplier of raw materials and manufacturing hub for different industries - core industries like automobiles, metal and pharmaceuticals' trade were brought to a standstill due to China closing off its borders, but w is seeing action as China picks up manufacturing. Currently, Indian ecomy is at a standstill, as nation is at a lockdown till April 14.