In the process, the market value of overall institutional holding in RIL has grown by more than Rs 1,500 crore.
Despite a dismal performance of the stock, in comparison to the broader market trends, MFs as also government and private insurers have raised their holding in the company over the past six months.
However, the changes in shareholding pattern of RIL indicate that the institutional holding in the company has seen an uptick after RIL announced a partnership with global energy giant BP earlier this year.
The combined institutional holding in RIL, comprising of Foreign Institutional Investors (FIIs), insurance companies and mutual funds, has increased to 23.48%, from about 22.96% at the beginning of this year.
Taking into account RIL's current market capitalisation of Rs 3,09,010 crore, the value of institutional holding has grown from about Rs 71,000 crore to more than Rs 72,500 crore.
The holdings of domestic mutual funds and insurance companies are at their highest level in the company.
While holding of private insurance companies has increased from 3.02% to 3.52% since January, that of government insurance company LIC has risen from 7.81% to 7.92%.
MF holdings have also increased from 2.26% to 2.51%, although the cumulative FII holding has marginally fallen from 17.68% to 17.45%.
RIL scrip closed 1.1% down at Rs 944 last Friday. It had fallen to as low as Rs 885 -- its lowest in one year -- on February 10 this year, after scaling a 52-week high of Rs 1,187 on November 1, 2010.