HSBC to hold its stake in Axis Bank

New Delhi, Aug 7: HSBC Country Head (India) Naina Lal Kidwai on Thursday, Aug 7 said the Multinational Bank would hold on to its stake in the Axis Bank at least in the short-term.

''It does not make sense to sell the shares after a fall in the stock's price,'' Ms Kidwai told reporters here. Axis Bank shares are down by more than 20 per cent in 2008. HSBC has a five per cent stake in the country's third largest private sector lender. ''It is portfolio investment. We would maintain our stake in Axis Bank,'' Ms Kidwai said.

UNI