HDFC AMC surges 12% after nearly 6% equity change hands on BSE

At 09:55 am, around 11.96 million equity shares representing 5.61 per cent of total equity of HDFC AMC changed hands on the BSE, the exchange data shows.

Shares of HDFC Asset Management Company (AMC) surged 12 per cent to Rs 2,185.30 on the BSE in Tuesday’s intra-day trade after nearly 6 per cent of total equity of the company changed hands via block deals.

At 09:55 am, around 11.96 million equity shares representing 5.61 per cent of total equity of HDFC AMC had changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately. At 11:00 am; the stock traded 11.5 per cent higher at Rs 2,181.40, against 0.74 per cent rise in the S&P BSE Sensex.

ABRDN Investment Management Limited (Formerly Standard Life Investments Limited), one of the promoter of HDFC AMC, held 16.21 per cent stake in the company as on June 30, 2022, the shareholding pattern data shows.

Earlier, on September 29, 2021, Standard Life Investments Limited had sold 10.65 million equity shares of HDFC AMC at an average price of Rs 2,873.79 per share on the BSE, the exchange data shows. As on June 30, 2022, Standard Life Investments had held 21.23 per cent stake in the company, data shows.

With today’s rally, in the past three months, HDFC AMC has rallied 25 per cent, as compared to 13 per cent rise in the S&P BSE Sensex. However, in the past one year, the stock has underperformed the market by falling 26 per cent as against a 8 per cent rise in the benchmark index.

Last month, Prashant Jain, the poster boy for the Rs 38-trillion domestic mutual fund (MF) industry, quit HDFC AMC after 19 years. He was serving as chief investment officer (CIO) at the country’s third-largest fund house, overseeing assets of more than Rs 4 trillion.