HSBC to hold its stake in India Axis Bank

HSBC would like to hold on to its stake in Indian private sector lender Axis Bank in the short-term, its India head said.

HSBC would like to hold on to its stake in Indian private sector lender Axis Bank in the short-term, its India head said on Wednesday.

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Naina Lal Kidwai, HSBC's country head, said it did not make sense to sell the shares after a fall in the stock's price. Axis Bank shares are down more than 20 percent in 2008.