Foreign portfolio investors increased their stakes while mutual funds slashed their holdings in Bharat Forge in the quarter ended June 30, the company's latest shareholding pattern showed.

What Happened: Foreign portfolio investors raised their ownership to 17.03% from 16.47% in the last quarter, as per data available on the National Stock Exchange. They currently hold 7.93 crore shares of the company. 

The Life Insurance Corporation of India (LIC) increased its shareholding to 2.48% from 1.83% in the March quarter. LIC currently holds more than 1.15 crore shares of the firm, up from 85.02 lakh. SBI Life Insurance decreased its ownership to 1.06% from 1.12%.

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The number of mutual funds schemes holding Bharat Forge's shares increased to 31 from last quarter's 29. However, their cumulative holdings decreased to 19.35% from 19.82%.

Major mutual funds decreased their holdings in the company compared to the last quarter. DSP Midcap Fund decreased its ownership to 1.81% from 2.08%. Nippon India Growth Fund cut its stake to 1.46% from 1.44%. SBI Magnum Midcap Fund's holdings slid to 1.34% from 1.56%. Aditya Birla Sun Life Flexi Cap Fund holds 1.04% of the company, down from 1.31%. Kotak Emerging Equity Scheme maintained its holding at 5.56% in both quarters.

The National Pension Scheme (NPS) Trust Account from HDFC Pension Management cut its stake to 2.36% from 2.57% earlier.

Promoters' holding remained unchanged at 45.25% in the June quarter.

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