As per the latest shareholding patterns data released, Mutual Funds and LIC have reduced holding in the crisis-hit Adani Group company.
What Happened: Adani Ports and Special Economic Zone (APSEZ) disclosed its shareholding data on Monday. As per the data, mutual funds cut their stake from 4.43% to 3.09% at the end of the January quarter. LIC, on the other hand, has marginally reduced its stake in the company from 9.14% to 9.12% in Q4FY23.
Mutual funds currently own 6,67,29,749 Adani Ports shares. The company has seen MF holding decline in FY23. At the end of FY22, MF held 5.09% shares in the company, since then MFs have been cutting stakes in the company. However, the 1.34% cut this quarter, is the steepest in the last year.
The stock, just like other listed companies of the Gautam Adani-led Adani Group was hit hard after the Hindenburg report came out. But, it has seen a strong recovery since then. Currently, the stock is trading around 6% down since the Hindenburg report came out.
Price Action: Adani Ports shares price was down 0.35% to trade at ₹649.60.
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