From RIL to Maruti Suzuki, big mutual fund buys in June see turbulence

Equity mutual funds (MFs) deployed maximum in shares of Reliance Industries (RIL) in June at Rs 2,177 crore, followed by Maruti Suzuki (Rs 2,045 crore) and Bharti Airtel (Rs 1,310 crore).

Shares of both RIL and Bharti Airtel have been turbulent this month.

On July 1, shares of RIL crashed over 7 per cent, following the government imposing windfall taxes on domestic crude oil production and fuel exports.

Shares of Airtel, too, declined this month amid uncertainty around Adani’s foray into the telecommunications sector.

Maruti Suzuki shares, however, continued to race ahead on the back of improved outlook for the automotive sector.

NTPC and HDFC were among the top five buys for equity MFs in June. Fund managers used the weakness in these two counters to accumulate more shares.

Tata Steel saw maximum selling by domestic funds in June at Rs 876 crore, leading to an 18 per cent drop in the country’s leading steelmaker.

MFs pulled out over Rs 600 crore each from Ambuja Cements and State Bank of India.

Equity MFs net-bought shares worth Rs 22,000 crore last month, even as overseas funds yanked out Rs 49,400 crore.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor