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FIIs slash stake in 18 Sensex firms between during Q2

FIIs slash stake in 18 Sensex firms between during Q2
PTI
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First Published: Sun, Oct 19 2008. 04 02 PM IST
Updated: Sun, Oct 19 2008. 04 02 PM IST
Mumbai: Foreign Institutional Investors have reduced their holdings by up to 3% in 18 blue-chip firms on the 30-share benchmark Sensex in the September quarter this fiscal.
FIIs reduced their stake in country’s leading private lender ICICI Bank to 36.44% at the end of September quarter from 38.85% in the previous quarter, according to latest shareholding information available on the bourses.
FIIs, which have sold equities worth over 11 billion dollar so far this year on Indian bourses, reduced their holdings in 18 Sensex companies by up to 3% in the reviewed quarter.
“FIIs are on selling spree on Indian bourses as they have to shore up funds for deploying in their home countries like the US and Europe, which are suffering from severe credit crunch and not because they do not believe in the Indian growth story,” an analyst from a leading brokerage firms said.
Steel major Tata Steel, Jaiprakash Associates and ICICI Bank saw the FII holdings in their stocks reduce by over 2% in the September quarter.
Tata Steel’s foreign institutional holdings reduced to 17.65% in the three months ended September from 19.8% in the first quarter this fiscal, while in Jaiprakash Associates their holding fell by 2.78% to 21.66% in the reviewed quarter.
Meanwhile, in the same quarter, FIIs have increased their stakes marginally in eight Sensex companies including Maruti Suzuki, NTPC, Reliance Infrastructure, HDFC, state-run BHEL, Aditya Birla Group flagship Hindalco, realty major DLF and Larsen and Toubro.
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First Published: Sun, Oct 19 2008. 04 02 PM IST