Mutual funds reduced their stake in the Indian Renewable Energy Development Agency. Mutual funds such as Nippon India, SBI and Shriram Finance exited the stock.

What Happened: The latest shareholding data shows Mutual fund holdings in the stock reduced to 0.24% with only 4 funds having shares in the company in the quarter compared to 0.53% stake in the March quarter with 9 funds having stakes. Mutual funds had a total of 63.35 lakh shares in the company as of June 30, 2024.

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Nippon India Mutual Fund, SBI Mutual Fund, and Shriram Mutual Fund completely exited the stock by the end of June, according to data compiled by IDBI Capital. Nippon India Value Fund had 46.66 lakh shares in the company in March 2024. SBI PSU Regular Growth Fund had 32 lakh shares while Shriram Flexi Cap Fund and Shriram ELSS Tax Saver Fund had 23,800 shares in the company in March 2024. 

On the other hand, foreign portfolio investors increased their shareholding in the company to 2.7% from 1.36% in the previous quarter. The number of foreign investors also increased from 57 to 101 in June. 

IREDA's shares raced to an all-time high on Monday after the company reported a 30% year-on-year increase in net profit to ₹383 crore. Revenue increased 32% to ₹1,501 crore. 

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