With the Indian stock market in the consolidation mode for the past couple of weeks, equity fund managers stacked up on banking and financial stocks in July. HDFC and HDFC Bank were the most-bought stocks. Indian Oil, Hero MotoCorp, Grasim and the struggling Infosys were the only four stocks outside the financial sector among the top 10 picks during July. However, a majority of these investment bets did not go well. Of these 10 stocks, in which fund managers pumped in nearly Rs 8,000 crore, seven have witnessed erosion in their values so far in August. Infosys and AU Small Finance Bank have hit fund managers the most, as shares of both these companies lost nearly 10 per cent. Fund managers had put in about Rs 1,260 crore in the two counters.
