Fund houses prune Nykaa, Policybazaar exposure on profit taking; up Paytm

It's profit-taking, say fund managers; increase holding in Paytm in December

Mutual fund (MF) houses pared their holdings in new-age technology firms PB Fintech (PolicyBazaar) and FSN E-Commerce Ventures (Nykaa) in December. Fund managers said this was on account of profit-taking following a sharp increase in the stock prices of these firms over their initial public offering (IPO) price.

The data from ICICI Direct Research shows MFs held 11.7 million shares of PolicyBazaar in November, which reduced to 10 million in December. While in case of Nykaa, the MF holdings in December stood at 11.3 million, down from 12.3 million in the preceding month.

The market value (total holdings) for MFs of PolicyBazaar