Mutual funds sold ITC shares worth Rs 6.1 million in April 2023. This is despite the stock hitting fresh all-time highs during the month.
The four domestic fund houses that sold ITC shares are Nippon India MF, ICICI Pru MF, SBI Mutual Fund, and Tata Mutual Fund.
Only Sundaram Fasteners Mutual Fund added a stake worth Rs 43 crore in ITC in the month.
The total number of mutual funds that hold ITC shares has decreased to 342.
The total number of shares held by mutual funds in ITC has decreased to 1,16,32,62,155.
Reason
There are a few possible reasons why mutual funds may have sold ITC shares in April 2023.
One possibility is that they were simply taking profits after the stock had risen sharply in recent months.
Another possibility is that they were concerned about the company’s future prospects.
ITC has been facing some challenges in recent years, including rising input costs and competition from new entrants. It is also facing increasing scrutiny from the government.
It is important to note that mutual funds are not always right about their investment decisions. In fact, they often make mistakes. So, it is important to do your own research before investing in any stock, including ITC.