Winning Bizness Desk

Mumbai. After the crash of Adani group shares after the Hindenburg Research report came to the fore, many stocks of the group are still trading much below their highs and Mutual funds are busy capitalizing on this opportunity. Mutual funds have added around 3 lakh shares of Adani Total Gas, a company of Adani Group, to their portfolio in the month of May. According to a report by ICICI Direct, top mutual funds had 10 lakh shares of the company in April 2023, which has increased to 13 lakh in the month of May. With this, the purchase of shares of Adani Total Gas by mutual funds has become one of the top 10 large cap stocks in a month. The stock of Adani Total Gas closed at Rs 654.35, down 1.33 per cent on Wednesday.

Adani Total Gas stock fell miserably

Adani Total Gas stock had touched a lifetime high of Rs 4000 just a day before Hindenburg's report came out. On May 19, the stock fell to a low of 633 per cent. That is, the stock has declined by 84 percent from the high of January 2023. In the last one month, there has been a decline of about 20 percent in the stock. Mutual funds are seeing value in the stock after the stock has hit lower levels. In the month of May, Nippon India Mutual Fund bought 3,16,880 shares, which is 0.01 per cent stake. According to the report, however, 360 One Asset Management Company has sold all its 5045 shares in Adani Total Gas during this period.

Mutual Funds upped their stake in Adani Enterprises

In the month of May, HDFC AMC and UTI Mutual Fund increased their stake in Adani Enterprises. HDFC AMC has 6 lakh shares of Adani Enterprises and UTI Mutual Fund has 25 lakh shares, which is valued at Rs 627 crore. In which the fund bought 4 lakh shares in May. Mutual funds have also bought shares of Adani Group's cement company ACC in the month of May.