Mutual Funds offload 11.63 TCS shares as Chandrasekaran moves on
MUMBAI: Mutual funds shuffled their holdings in the Tata Group stocks following the appointment of N Chandrasekaran as the Chairman of Tata Sons. The asset managers reduced their stakes in TCS, Tata Motors and Tata Power in January compared to December, according to Morningstar. Funds sold nearly 11.63 lakh shares in TCS in the month of January partly on worries of Chandrasekaran's elevation.
Chandrasekaran, former chief executive officer of India’s largest software exporter TCS, was on January 12 appointed as chairman of Tata Sons, the holding company of India’s largest conglomerate by revenues. Similarly, they have reduced their holding in Tata Motors and Tata Power by selling 33.83 lakh and 1.15 crore shares respectively.
Mutual funds had bought heavily in Tata Motors in October and November but with demonetisation, sales growth was impacted, prompting them to be net sellers in the subsequent two months. Tata Motors DVR continues to remain popular among the mutual funds.
Chandrasekaran, former chief executive officer of India’s largest software exporter TCS, was on January 12 appointed as chairman of Tata Sons, the holding company of India’s largest conglomerate by revenues. Similarly, they have reduced their holding in Tata Motors and Tata Power by selling 33.83 lakh and 1.15 crore shares respectively.
Mutual funds had bought heavily in Tata Motors in October and November but with demonetisation, sales growth was impacted, prompting them to be net sellers in the subsequent two months. Tata Motors DVR continues to remain popular among the mutual funds.
