HDFC Bank Share Sale: Top mutual fund houses sold shares of HDFC Bank worth up to Rs 8,200 crore in August. 23 out of 41 funds have reduced their stake. Prominent names like Kotak Mahindra Mutual Fund, Quant Mutual Fund and SBI Mutual Fund are among those who sold the shares.
Mutual funds sold around 5.06 crore shares in August. The fund has sold HDFC Bank after seven consecutive months between January and July 2024.
Mutual funds had bought shares worth Rs 45,000 crore in HDFC Bank. In August, Kotak Mahindra Mutual Fund sold around 2.56 crore shares worth Rs 4,188 crore in HDFC Bank. Quant Mutual Fund sold its entire stake, under which 1.73 crore shares worth Rs 2,827 crore were sold. SBI Mutual Fund sold 68 lakh shares worth Rs 1,110 crore.
Other big sellers included Aditya Birla Sun Life Mutual Fund selling shares worth Rs 718 crore, Invesco Mutual Fund selling shares worth Rs 604 crore, Axis Mutual Fund selling shares worth Rs 250 crore and Tata Mutual Fund selling shares worth Rs 233 crore.
Some fund houses still bullish on HDFC Bank
Despite the selling, some fund houses are still bullish on HDFC Bank shares. ICICI Prudential Mutual Fund was the top buyer of HDFC Bank stock in the stock market. The fund house also bought 1.19 crore shares worth of Rs 1,947 crore. Looking towards it UTI Mutual Fund too bought shares worth Rs 251 crore and shares of Rs 238 crore were bought by Nippon India Mutual Fund.
In August 2024, just 41 mutual funds held more then 153.5 crore shares of HDFC Bank worth Rs 2.51 lakh crore. In July, fund houses held shares worth Rs 2.59 lakh crore.
HDFC Bank’s stock has performed poorly since the beginning of 2024
The reason behind some mutual fund houses selling such a large amount of shares in the bank is not clear. HDFC Bank’s stock has performed poorly since the beginning of 2024. According to BSE data, it has fallen by more than 2 per cent so far this year. Meanwhile, State Bank of India’s stock has risen 23 per cent, ICICI Bank 24 per cent, Axis Bank 10 per cent.