HDFC bank shares close at ₹1,644 a piece on its first day of trading as the merged entity

Thursday marked the first day of trading for the new financial services behemoth - HDFC Bank - after HDFC Ltd merged with the bank.

Shares of HDFC Bank, the merged entity, closed 0.71% higher at ₹1,644.

With HDFC shares getting converted into HDFC Bank, the latter has become the most heavyweight stock on Nifty with about 14.43 percent weight.

The merger was effective July 1st. While the last date of trading of shares of HDFC was July 12th.

Existing shareholders of HDFC now own about 41 per cent stake in HDFC Bank. Every HDFC shareholder gets 42 shares of HDFC Bank for every 25 shares they hold.

In fact, the HDFC, HDFC Bank merger created the world's fourth largest bank of the world after JP Morgan Chase & Co, Industrial and Commercial Bank of China Ltd (ICBC) and Bank of America Corp

On its last day of trading, shares of HDFC Ltd closed at Rs 2,729.95 apiece, down 0.62 per cent. Following this, shares of HDFC ceased to exist after 45 years.