HDB Financial Services falls as ₹37,000 crore worth of shares free up after lock-in ends

Shares of HDB Financial Services Ltd. are trading with losses on Friday, January 2, as the shareholder lock-in period ended on the final trading day of the week.

According to Nuvama Alternative and Quantitative Research, as many as 481.5 million shares or 58% of the company's outstanding equity will become eligible to be traded from Friday's trading session as its six-month shareholder lock-in ends.

Based on Thursday's closing price, the total value of those shares that free up for trade today is worth ₹36,786 crore.

The expiry of the lock-in does not imply that all these shares will be sold in the open market, but only that they are now free to be traded.

At the end of the September quarter, promoters of HDB Financial Services had a 74.19% stake in the non-bank lender.

Among the public shareholders, Mutual Funds had a 10% stake, with Mirae Asset MF, SBI MF, Kotak MF and Nippon Life India MF, among the prominent names that feature in the list.

Over 11.1 lakh retail shareholders, or those with authorized share capital of up to ₹2 lakh, had a 7.7% stake in the company as of September 30, 2025.

HDB Financial has also seen initiation of coverage by three global brokerage firms. Morgan Stanley initiated coverage with an 'Equalweight' rating and a price target of ₹780. UBS has assigned a 'Neutral' rating with a price target of ₹790, while Goldman Sachs has also rated the stock 'Neutral' with a price target of ₹808.

Shares of HDB Financial Services ended little changed on Thursday at ₹764. The stock trades marginally higher than its IPO price of ₹740 apiece.

Alongside HDB Financial, Allied Blenders and Distillers will also see shares becoming eligible for trading on Friday as its one and a half year and longer lock-in period expires. The value of these shares is estimated at nearly ₹3,500 crore.

Allied Blenders and Distillers has been an outperformer since listing, with the stock up nearly 120% from its issue price as of last Friday's close.

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