Mutual funds had cut stakes in four Adani Group shares in February, including the flagship arm Adani Enterprises, according to data compiled by PRIME Database. The selling comes amid volatility in Adani Group stocks after Hindenburg's scathing report.
The institutional investor category was seen buying small quantities of Adani Green Energy, Adani Power and Adani Transmission stocks, according to the PRIME Database report.
Domestic fund houses had cut stakes in Adani Ports and Ambuja Cements by over 100 bps. Mutual funds' holding in Adani Ports dropped to 3.46% in February from 4.80% in January. They reduced stake in Ambuja Cements to 6.05% from 7.43% a month ago.
MFs' holding in Adani Group flagship firm, Adani Enterprises, fell below 1% in February as against 1.02% in January. Adani Total Gas saw MFs trimming their stake 0.13% from 0.14% a month ago.
Five Adani Group shares saw MF buying in February. MFs' holding in ACC jumped to 9.02% from 8.63%. In Adani Green, while MF holding stayed at 0.11%, the number of shares held increased, while their holding increased in Adani Power and Adani Transmission as well.
Adani Wilmar saw MF holding jump to 2,50,875 shares from 2,41,651 shares. Adani Wilmar shares have tanked 30% so far in 2023, but in a year, Adani Wilmar stock has gained 11%.
Adani Ports, at Rs 4,433 crore, remained the biggest MF bet among Adani firms, followed by Ambuja Cements, ACC and Adani Enterprises (AEL). While AEL stock has plunged over 50% YTD, Ambuja Cements and ACC shares are down 27%, and Adani Ports has tanked 17%.
Adani Group stocks took a beating after US-based short seller Hindenburg Research alleged the conglomerate of fraudulent transactions and share price manipulation. Adani Group's listed stocks lost m-cap to the tune of $130 billion.
Lately, Adani stocks staged minor recovery after the conglomerate announced full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan. GQG's Rs 15,446-crore investment helped in the stocks' recovery as well.
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