Keki Mistry, the Managing Director of HDFC (NYSE:HDB
), has increased his stake in the company by 2.6 times: he bought 85,000 shares to add to his earlier 32,000 shares. HDFC's stock price is currently around Rs 1580, so his purchase amounted to Rs 13.4 crore (around $3mn).
For an Indian Managing Director, that is a sizeable investment. What is unclear is whether this is part of his compensation from the company, or bought from his own money. Ideally, it would be from his own money, as an ESOP kind of a grant need not appear on a stock exchange's announcement list.
If the Managing Director is putting so much of his own money into HDFC, then that is a great endorsement of this stock.
HDB 1-yr chart
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