Mutual funds betting big on recently listed and new-age companies | Stock Market Today

Fund managers placed big bets on new-age companies and recently listed firms in August with three such stocks featuring in the top five most bought stock list of mutual funds (MFs) last month.

Ola Electric, which listed on August 9, was the second most bought stock as fund managers lapped up over Rs 2,740 crore worth of shares. Newly listed FirstCry saw MFs buying 40 million shares worth Rs 2,550 crore. Zomato ranked fourth in the list as MFs deployed Rs 2,500 crore in the stock.

 

Axis Bank led the top buy list as MFs bought Rs 3,120 worth of stocks. However, its larger peer HDFC Bank saw MFs pulling out as much as Rs 8,370 crore. The stock, which has struggled to perform in recent years, saw several fund houses cutting allocation after making significant buying for six successive months. Quant MF completely exited the stock in August months after betting big.  Other stocks in the most sold list included Bharti Airtel, Zydus Lifesciences, Indus Towers, Coal India and Dixon Technologies.