Buying or selling? What mutual funds are doing with Adani stocks since Hindenburg rout
1 min read 14 Mar 2023, 11:37 AM ISTAdani Group stocks took a beating after US-based short seller Hindenburg Research on January 24 made a litany of allegations
PremiumAdani Enterprises, Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Total Gas and Ambuja Cements are the four Adani Group stocks that mutual funds (MFs) have trimmed stake in during the month of February 2023, as per mutual fund monthly data analysed by brokerage and research firm ICICIDirect. Other largecap stocks that saw MFs selling included Vedanta, Tata Power, Bank of Baroda, UPL, among others.
Adani Group stocks took a beating on the exchanges after US-based short seller Hindenburg Research on January 24 made a litany of allegations, including fraudulent transactions and share price manipulation, against it in a report. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. The conglomerate had also called of its ₹20,000 crore follow-on public offer last month despite it being fully subscribed.
Earlier this month, the Gautam Adani-led conglomerate sold minority stakes in four of its listed companies to the US-based investment firm GQG Partners for ₹15,446 crore.
Meanwhile, the top mutual fund houses bought more shares of GAIL, Tata Motors, Macrotech Developers, Tech Mahindra, Hindustan Zinc last month, as per the analysed data.
Equity inflows (ex-new fund offers or NFos) remain at a higher level in February at ₹10,600 crore after ₹11,300 crore in January 2023. Total inflow, including NFOs, in February was ₹15,700 crore vs ₹12,500 crore in January. SIP inflows remained strong. Due to lower working days, SIP inflows were marginally lower at ₹13,686 crore compared to ₹13,856 crore in January 2023.
The Assets Under Management (AUM) of the 42-player mutual fund industry was marginally down to ₹39.46 lakh crore at the end of February from ₹39.62 lakh crore at the end of January.
