In the latest quarter, while many stocks have seen excessive buying by mutual funds, a few shares, such as those of IndiGo, PNB and Dish TV were among the most sold stocks in the April-June period. We take a closer look.
In the latest quarter, while many stocks have seen excessive buying by mutual funds, a few shares, such as those of IndiGo, PNB and Dish TV were among the most sold stocks in the April-June period. Interestingly, mutual funds sold Rs 999.3 crore worth of shares of Interglobe Aviation in the quarter. Notably, India’s largest airline by market share IndiGo reported a 97% plunge in profit, sending the shares tumbling to 52-week lows. Since January-18, shares of Interglobe Aviation, which runs the IndiGo airline, have plunged by more than 45% from their all-time high of Rs 1,520. Interglobe Aviation shares closed flat at Rs 1,083 on NSE this afternoon.
Apart from IndiGo, mutual funds have also sold a considerable chunk of their holdings in the shares of Punjab National Bank (PNB). Mutual funds have sold a total of Rs 256.4 crore worth of shares, Kotak Institutional Equities said in a report. PNB shares closed at Rs 83.6 on NSE this afternoon. In year-to-date terms, PNB shares have nearly halved. For the latest quarter, state-run Punjab National Bank (PNB) declared a loss of Rs 940 crore, against a profit of ₹343 crore a year ago. In the June quarter, gross non-performing assets (NPAs) were at 18.26% against 13.66% in the year-ago period and 18.38% in the preceding quarter.
Dish TV is another stock wherein mutual funds reduced their stake to a great extent. Kotak Institutional Equities noted that mutual funds sold off s total of Rs 209.3 crore worth of stock. Dish TV shares closed at Rs 72.5 on NSE this afternoon. Dish TV’s net profit missed analyst expectations, and came in at Rs 29.7 crore in the April-June quarter.
Shares of Kolkata-based Magma Fincorp have emerged as a top favourite even as mutual funds, FPIs (Foreign Portfolio Investors) and BFIs (Banking and Finance Institutions) have loaded up on the NBFC player’s stock. Tracking the sequential changes in the latest quarter, Kotak Institutional Equities noted that the shares of Magma Fincorp have registered the highest increase in stake. Mutual funds added Rs 451.2 crore worth of shares in the April-June period.