RIL: Equity fund managers cut allocation

RIL recently became India's first private company to clock sales of over Rs 100,000 cr in its quarterly turnover

Reliance Industries (RIL) may have become India's first private company to clock sales of over Rs 100,000 crore quarterly turnover, country's equity fund managers somehow failed to see the big jump coming from the petroleum giant.

 

India's equity schemes, which had pumped the largest funds in RIL, pared their holdings in the oil major according to the latest available fact sheets.

 

Some of them, like DSP BlackRock's Top100 and Equity fund sharply cut exposure by over two percentage points.  While country's largest equity schemes - the HDFC twins - HDFC Top200 and HDFC Equity cut down allocation by around 36 basis points.

 

Franklin Bluechip, ICICI Pru Focused Bluechip, UTI Opportunities, Birla Sun Life Frontline and SBI Magnum Taxgain are among the other equity schemes which chose to cut allocation in company.

 

During September, shares of Reliance Industries traded weak and lost about 3.5 per cent of the value to close the month at Rs 822.35.

 

However, Q2 earnings from RIL post market hours made market participants excited about the counter.

 

As anticipated, in today's morning trade, shares of RIL hit a high of Rs 899 before sliding down. Though it is trading at Rs 874 currently, it is over 6 per cent higher than the previous month's closing price.