Shares of HDFC Bank on Monday declined over 3 percent after its chief executive and managing director Aditya Puri sold shares worth Rs 842.87 crore of the private lender last week.
The stock dipped 3.55 percent to close at Rs 1,079.05 on the BSE. During the day, it slumped 3.84 percent to Rs 1,075.80.
At the NSE, it declined 3.49 percent to close at Rs 1,079.95.
In traded volume terms, 7.21 lakh shares were traded at the BSE and 1.89 crore shares on the NSE during the day.
The share sale, which was executed between July 21 and 23, brought down Puri's holding in the most valued Indian lender to just 0.01 percent from the earlier 0.14 percent, according to regulatory filings.
The sale comes months ahead of Puri's retirement from the bank, which he led to become the largest by assets among private lenders and the second-largest overall over 25 years.
He sold 74.20 lakh of the 77.96 lakh shares in the bank and Puri's remaining holding of the bank shares is now 3.76 lakh shares.
A bank spokesperson said the shares were allotted to Puri over a period of time at different price points and stressed that they were not given at par with the face value of the share.