The Adani Group is witnessing a steady rise in interest from mutual funds, with net buying in August crossing ₹4,200 crore — a significant increase compared to ₹2,000 crore in July and even larger jumps from ₹990 crore in June and ₹880 crore in May.

What Happened: Mutual funds have been net buyers across eight of the group's listed entities, with only ACC seeing marginal selling during the period, Moneycontrol reported.

The largest investments in August were in Adani Energy Solutions and Ambuja Cement, which attracted ₹1,541 crore and ₹1,308 crore respectively. The surge in Adani Energy Solutions was primarily driven by a $1 billion (₹8,390 crore) qualified institutional placement (QIP), while Ambuja Cement’s inflow followed a ₹4,250 crore block deal.

Other Adani stocks also saw significant mutual fund interest. Adani Enterprises received ₹924 crore, Adani Ports & SEZ garnered ₹588 crore and Adani Power saw inflows of ₹44 crore.

Adani Green Energy and Adani Total Gas attracted ₹11 crore and ₹4.17 crore respectively, while Adani Wilmar received a smaller investment of ₹34 lakh. ACC, however, experienced mutual fund outflows of ₹201 crore.

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Who’s Buying? Among fund houses, SBI Mutual Fund led the buying spree in Adani Energy Solutions, investing ₹740 crore, followed by Tata MF and HDFC MF with ₹237 crore and ₹202 crore, respectively. Other investors included Bandhan MF, Helios MF, Axis MF and Whiteoak MF, with contributions ranging between ₹10 crore and ₹60 crore.

In Ambuja Cement, Invesco MF was the largest buyer, investing ₹231 crore, followed by Mirae Asset and ICICI Prudential, which invested ₹193 crore and ₹97 crore respectively. Other notable investors in Ambuja Cement included Kotak MF, Tata MF, and SBI MF, with investments ranging from ₹10 crore to ₹60 crore.

For Adani Enterprises, Invesco MF again led the charge with ₹319 crore, followed by Aditya Birla Sun Life MF and Kotak Mahindra MF, which invested ₹132 crore and ₹65 crore, respectively. In Adani Ports, SBI MF was the top investor with ₹261 crore, followed by Kotak MF and ICICI Prudential MF, with investments of ₹129 crore and ₹100 crore respectively.

Tough Time To Be Adani? The growing interest in Adani stocks by mutual funds is notable at a time when many asset managers have steered clear of the stock amid a wave of scrutiny against the group following allegations by U.S. short-seller Hindenburg Research that Securities and Exchange Board of India chief Madhabi Puri Buch held interests in Adani Group firms via offshore entities.

Recently, the short seller also claimed that Swiss authorities had frozen $310 million (₹2,600 crore) of the group’s funds in Swiss bank accounts, which was refuted by the conglomerate.

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