Srivastava told CNBC-TV18, "We used to have a holding in M&M Finance and we sold out that in the last 15-20 days. We had a holding in Sundaram Finance as well which also we sold out. So we have liquidated our positions in NBFC space and moved them around a little bit."
He further added, "Manappuram Finance has been a volatile stock to say the least. Again it won't qualify as an investment candidate, it went to Rs 30, got a placement at Rs 40, came to Rs 45, went back again. So one can't dictate the fundamentals but it is a reasonable stock to buy in but whether we should buy the stock today at these valuations? Our call has been no, they have already gone up quite a bit on anticipation of bank licenses, change in regulatory scenario. So coming from here at this point in time, getting a return out of them would be difficult. May be after two quarter results we may revisit the stock. They are all good stocks, Sundaram, M&M Finance, L&T Finance but the run up has been huge, the big profit has been taken, now is the time to wait for a dip to buy in."