4 MFs cut stake in ITC in April even as stock surged. What should investors do?

Four domestic fund houses have reduced their exposure to ITC, one of the top holdings of many mutual funds, in April, despite the stock hitting all-time highs. Nippon India MF sold a stake worth INR157cr ($21m) in the FMCG conglomerate, while ICICI Pru MF has offloaded stocks worth INR426cr. SBI Mutual Fund and Tata Mutual Fund sold shares worth INR376cr and INR118cr, while only Sundaram Fasteners MF has added a stake worth INR43cr. Overall, mutual funds combined have decreased their holdings in ITC by 6.1 million shares.