Mutual funds add Adani Ports, ACC, cut Ambuja, Adani Ent stakes

Actively-managed equity schemes of domestic mutual funds shuffled their Adani stock holdings in January. While some of the top fund houses bought stocks such as Adani Ports and ACC, they were mostly sellers in Ambuja Cement and Adani Enterprises. The sell-off in Adani Group stocks began on January 25 triggered by the Hindenburg Research report. Fund managers said a sizable chunk of the buying and selling of the group stocks would have happened in the last week of January amid the stock slump. ET looks at what various equity funds bought and sold in the Adani Group during the month based on data sourced from various research reports:

ACC: Fund houses that bought the stock in January were Aditya Birla Sun Life, Axis, HDFC, SBI, and Tata MF. Mutual funds that sold ACC were DSP, HSBC, Nippon, and JM Mutual Fund. HSBC and JM Mutual Fund completely exited the stock, according to analysts. The stock fell 15.7% between January 24 and January 31.

Adani Enterprises: According to analyst notes on mutual funds’ activity in January, fund managers refrained from making fresh purchases. Equity schemes of DSP, Kotak, PGIM, SBI MF cut their stakes as the stock declined 13.6% in the last week of January.

Adani Ports: Large fund houses took advantage of the 19.5% fall in this stock in the last week of January to buy more of Adani Ports, which has been the favourite of money managers. Aditya Birla, DSP, HDFC, Kotak, Mirae, SBI, Sundaram, and Tata bought on the dip. Some others like Axis, IDFC, and Union MF trimmed their positions. ICICI Prudential, UTI, and Nippon held on to their positions.

Ambuja Cements: Fund managers were divided on their views on the stock in the wake of the 19.6% drop in price. Aditya Birla Sun Life, DSP, HDFC, ICICI Prudential, Kotak, and Nippon mopped up the stock while Axis, Canara Robeco, HSBC, Invesco, Mirae, Motilal, SBI, Tata and Sundaram decided to trim their holdings. Canara Robeco completely exited this stock, according to research reports.

Adani Green and Adani Transmission: NJ India Mutual Fund sold its holdings in both stocks during the month. Adani Green Energy shares tumbled 36% and Adani Transmission dropped 35.8% between January 24 and January 31.