HDFC mutual fund loads up on Axis Bank stock; buys 3.43 crore shares in FY18

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Published: April 11, 2018 3:33:10 PM

HDFC mutual fund has loaded Axis Bank shares in its portfolio taking the stake to more than 1% in Axis Bank the financial year 2017-2018 among one of the changes in the shareholding pattern in the last fiscal.

Shares of India’s third-largest private sector lender Axis Bank have managed to return about 5% in the FY18. (Image: Reuters)

HDFC mutual fund has loaded Axis Bank shares in its portfolio taking the stake to more than 1% in Axis Bank the financial year 2017-2018 among one of the changes in the shareholding pattern in the last fiscal. Shares of India’s third-largest private sector lender Axis Bank have managed to return about 5% in the FY18 while the benchmark index Nifty Bank has jumped around 15% with blue-chip components such as HDFC Bank, IndusInd Bank and Kotak Mahindra Bank returning 25 to 35%.

HDFC Trustee Company Ltd A/C HDFC Growth Fund has bought about 3.43 crore equity shares of Axis Bank which accounts for 1.4% of the total shares of Axis Bank, as per the shareholding data available with the stock exchange. Two other mutual funds which hold Axis Bank shares over 1% include ICICI Prudential Sensex IWIN ETF and Franklin Templeton Mutual Fund A/C Franklin India Taxshield.

Interestingly, among the foreign portfolio investors, the government of Singapore has reduced its stake to 1.08% at the end of March 2018 as against 1.76% as at March 2017. Axis Bank shares have risen nearly 6% to Rs 541 over the course of last one year. Axis Bank commands a market capitalisation of Rs 1,38,698 crore on BSE.

Earlier yesterday, shares Axis Bank surged in the intraday session after Shikha Sharma called for an early exit from the position of MD & CEO requesting the board to reconsider her appointment up until 31 December 2018 from 3 years. “Smt Shikha Sharma, Managing Director & CEO of the bank has requested the board to reconsider the period of her re-appointment as the Managing Director & CEO of the bank be revised from 1st June 2018 up to 31st December 2018,” Axis Bank said in an exchange filing on Monday. The stock of Axis Bank surged as much as 6.1% to over one-month high of Rs 549.5 before settling up 5.43% at Rs 546 on BSE on Tuesday.

Axis Bank shares gain 6%, hit over 1-month high as MD & CEO Shikha Sharma calls for early exit

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