Leading fund houses significantly trimmed their holdings in HDFC Bank during November, offloading shares worth approximately Rs 10,900 crore. Data shows that out of 41 mutual funds (MFs), 26 reduced their stakes in the bank. Prominent sellers included Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Aditya Birla Sun Life Mutual Fund.
Collectively MFs sold around 6.1 crore shares in November, making it the largest monthly sell-off this year.
Earlier in August, MFs had sold shares worth over Rs 8,284 crore of the lender. Between January and October, MFs were net buyers, accumulating shares worth Rs 46,150 crore in HDFC Bank.
Kotak Mahindra Mutual Fund emerged as the largest seller, divesting nearly 2 crore shares worth Rs 3,489 crore, followed by ICICI Prudential Mutual Fund, which sold approximately 1.53 crore shares worth Rs 2,675 crore. HDFC Mutual Fund and Aditya Birla Sun Life Mutual Fund also sold over 61 lakh and 53 lakh shares, worth Rs 1,073 crore and Rs 928 crore, respectively.
Despite the widespread selling, some MFs increased their exposure to HDFC Bank. HSBC Mutual Fund was the largest buyer, acquiring nearly 14 lakh shares worth Rs 244 crore, followed by JM Financial Mutual Fund and Baroda BNP Paribas Mutual Fund, which purchased 3.63 lakh and 3.31 lakh shares worth Rs 64 crore and Rs 58 crore, respectively.
Overall, 41 MFs collectively held about 151.79 crore shares in HDFC Bank, valued at Rs 2.73 lakh crore as of November — marginally down from Rs 2.74 lakh crore in October.
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