Top mutual funds sold these 4 Adani Group stocks in January; bought this one

As per a report by domestic brokerage and research firm ICICI Securities, which analysed and reviewed the monthly activity by top mutual fund houses for the January 2023, showed that asset management companies sold four Adani Group stocks in the largecap category, whereas bought one stock during the same period.   

Mutual fund houses bought shares of Adani Ports and Special Economic Zone Ltd (APSEZ) among the top largecap stocks in the last month whereas Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Transmission Ltd, and Ambuja Cements Ltd shares were sold across AMCs, as per the brokerage data.

Adani Group stocks have been in focus, losing about $120 billion in market value amid rout since January 24 report by the US-based short-seller Hindenburg Research that accused the group of several wrongdoings including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani has rejected the concerns in detailed rebuttals of the Hindenberg report’s allegations and criticism that it had unsustainable debt.

Adani group said on Tuesday that its companies face no material refinancing risk, or near-term liquidity issues, in its latest attempt to calm investors spooked by a U.S. short-seller’s critical report on its business practices.

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