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As part of their portfolio rejig exercise, mutual funds trimmed stake in index heavyweights in January while they lapped up fresh share sales by all the three companies that came out with initial public offerings (IPOs) during the month, reports suggest.
Among stocks, Reliance Industries (RIL), Infosys, Bharti Airtel, Power Grid and Tata Consultancy Services (TCS) are some of the stocks mutual funds cashed out of, a recent report by Edelweiss Securities said.
The selling in the shares comes on the back of a strong rebound in these stocks since March 2020 low. However, in January 2021 shares of most
