Canadian pension fund-held stocks in India fall as diplomatic row heats up

India-Canada relations have taken a hit in the last few days as Canadian Prime Minister Justin Trudeau alleged involvement of India in the killing of Khalistan Tiger Force Chief Hardeep Singh Nijjar, a few months back.

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As India-Canada diplomatic tensions escalated after Canadian Prime Minister Justin Trudeau’s allegation on India, shares of companies with investments from Canada pension funds fell in trade on September 20.

Canada Pension Plan Investment Board’s (CPPIB) portfolio stocks including Kotak Mahindra Bank, Zomato, Nykaa and Indus Towers fell as much as 2.4 percent. On the other hand, Delhivery was in green, up 0.5 percent.

However, analysts believe that the news will be digested by the long-term pension fund investors, and not create a major panic.

“As tensions between Canada and India continue to rise, the Indian market will be indirectly affected. Though Canadian pension funds such as CPPIB and CDPQ are the largest institutional investors in Indian projects, India’s economic system stands strong,” said Jayden Ong, Senior Market Analyst, APAC, Vantage.

Also read India-Canada tensions: PM Trudeau says not trying to provoke India but…; top developments

Parth Nyati, founder, Tradingo, however, cautioned investors that if tensions between the two countries escalate further, a thorough analysis of the situation would be warranted.

“At this moment, it is crucial for investors to remain steady and avoid succumbing to panic,” he added.

According to data from National Securities Depository Limited (NSDL), foreign investments into India from Canada rank among the top 10.

Canadian foreign institutional investors (FIIs) hold around Rs 46,306 crore worth of Indian equities, data showed.

Stock-wise, CPPIB holds a 2.68 percent stake in Kotak Mahindra Bank, 2.3 percent in Zomato, 1.47 percent in Nykaa, 2.18 percent in Indus Towers, and 6 percent in Delhivery.

India-Canada relations have taken a hit in the last few days as Trudeau alleged involvement of India in the killing of Khalistan Tiger Force Chief Hardeep Singh Nijjar, a few months back. The Canadian government expelled an Indian diplomat and in retaliation, India also ordered a senior Canadian official to leave India within 5 days.

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