Cathie Wood’s fintech fund has sold a stake in HDFC Bank Ltd, India’s largest by market value, for the first time in nearly four months. The move comes at a time when the lender’s main stock listing is less than 3% away from a record high.
Wood’s Ark Fintech Innovation ETF (ARKF) sold 127,637 American depository receipts of the lender on Thursday for the first time since May 6, according to Ark Investment Management’s daily trading data compiled by Bloomberg.
It now hold ADRs worth $19 million, Ark’s website shows.
HDFC Bank ranks among the world’s most priciest mega banks, trading at a 12-month forward price-to-book value ratio of 3.5 times, according to data compiled by Bloomberg.