Adani Ports Shares Face Fresh Hurdle In Recovery As LIC, Mutual Funds Cut Stake

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.

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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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