HDFC AMC shares plunged 5% on Monday as global investing find GQG Partners offloaded around 25 lakh shares of the company in a block deal worth ₹396 crore. However, the stock bounced back later in the day as SBI Mutual Fund picked up around 47 lakh shares.

What Happened: Rajiv Jain‘s GQG Partners which recently invested heavily in the Adani Group sold 25 lakh shares or half of its stake in HDFC AMC at an average price of ₹1,600. At end of the December quarters, the fund held a 2.28% stake in the company. The GQG Group has cut its stake by 2.46% in HDFC AMC between August 23, 2022, and March 15, 2023.

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However, SBI MF bought around 47.33 lakh shares of the company at an average price of ₹1,600, amounting to a total of ₹757 crore. This seems to have provided a boost to the stock that has been struggling at the bourses since the start of the year. Shares of the company are down around 20% year-to-date.

Price Action: HDFC AMC shares were up 4.69% to trade at ₹1,762 in the late hours of trading on Tuesday.

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