Top mutual funds sold these 4 Adani Group stocks in January; bought this one
1 min read . Updated: 15 Feb 2023, 10:45 AM IST
Premium- Adani Group stocks have been in focus since January 24 report report by the US-based short-seller Hindenburg Research
As per a report by domestic brokerage and research firm ICICI Securities, which analysed and reviewed the monthly activity by top mutual fund houses for the January 2023, showed that asset management companies sold four Adani Group stocks in the largecap category, whereas bought one stock during the same period.
Mutual fund houses bought shares of Adani Ports and Special Economic Zone Ltd (APSEZ) among the top largecap stocks in the last month whereas Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Transmission Ltd, and Ambuja Cements Ltd shares were sold across AMCs, as per the brokerage data.
Adani Group stocks have been in focus, losing about $120 billion in market value amid rout since January 24 report by the US-based short-seller Hindenburg Research that accused the group of several wrongdoings including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani has rejected the concerns in detailed rebuttals of the Hindenberg report's allegations and criticism that it had unsustainable debt.
Adani group said on Tuesday that its companies face no material refinancing risk, or near-term liquidity issues, in its latest attempt to calm investors spooked by the US short-seller's critical report on its business practices.
MF inflows last month
Meanwhile, equity mutual fund (MF) inflows (ex-new fund offerings or NFOs) came in significantly higher in January 2023 at ₹11,300 crore as compared to ₹5,300 crore in December. Including NFOs, total inflows rose to ₹12,500 crore, making it the highest net infusion in four months amid market volatility, versus ₹7,300 crore in December.
The systematic investment plan (SIP) inflows continued to rise at ₹13,856 crore compared to ₹13,573 crore month-on-month (MoM), the fourth consecutive month when SIP flows remained above the ₹13,000-crore mark. Overall, the mutual fund industry registered net inflows of ₹11,373 crore in January, way higher from ₹4,491 crore seen in the previous month.