India’s mutual fund (MF) managers were major buyers of new-age stocks in November even as investor angst against such companies continued to rise because of a sharp decline in their share prices over the past year.
Mutual funds were net buyers of new-age technology stocks to the tune of Rs 2,139 crore in November, data compiled by Prime Database showed.
Mutual funds invested a large chunk of money in shares of Nykaa, PB Fintech, Delhivery, and PayTM, which suggests that fund managers took advantage of large block trades in those counters during the month following the expiry of the lock-in period of pre-IPO investors of these companies.
Delhivery saw the largest chunk of the buying as MFs net bought Rs 839 crore worth of shares from the market in November. Delhivery’s shares plummeted 11 percent for the month after the expiry of its lock-in period on November 19 but recouped most of the losses aided by buying from domestic MFs.