Domestic fund managers up stake in beaten-down stocks, shows data

Domestic fund managers have raised stake in 46 per cent of the BSE 500 companies that have seen 15-70 per cent correction in their stock prices in the March quarter.

According to the shareholding data sourced from Capitaline, MFs have raised stake in 233 companies that saw such steep corrections during the March quarter.

Companies, which have seen a sharp jump in MFs’ stake included CARE Ratings, where their stake has increased by 515 basis points (bps); its stock corrected 48 per cent in the March quarter. In year-to-date, the stock is down 38.3 per cent.

The market recovery since March lows has