India’s largest private sector lender HDFC Bank experienced a sharp drop of 8.5% in shares, causing concern for equity mutual funds. The bank constitutes about 7.1% or Rs 211,460 crore of the total assets under management (AUM) of these funds. Data from December reveals that mutual funds adopted a sell on rise strategy, selling 2.54 crore shares of HDFC Bank. Multiple mutual fund houses, including SBI MF, HDFC AMC, Nippon India, UTI MF, Kotak Mahindra MF, Aditya Birla Sun Life, Mirae Asset, and DSP Mutual Fund, reduced their holdings in HDFC Bank.
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