<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Funds with biggest holdings in Adani group of companies Fund holding in Adani Group stocks ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Bradley Perrett)
Feb 1 (Reuters) - Mutual funds have low exposure to
listed Adani Group companies, whose shares have dropped since
publication of a report into the group by Hindenburg Research on
Jan. 24.
On Wednesday, Adani Group stocks extended their losses since
the appearance of the report to $72 billion. Hindenburg
criticised the conglomerate for improper use of offshore tax
havens and flagged concerns about high debt.
In the same period, Indian equity mutual funds have on
average lost 1.6% of their net asset values, less than a 2.5%
dip in the broad Nifty 50 index that has been partly
driven by falls in Adani Group companies.
Mutual funds from India and elsewhere hold just 3.4% of
Adani Enterprises , 2.8% of Adani Total Gas and 3.6% of Adani Green Energy . Promoters of the
companies hold most of the shares.
Adani Enterprises and Adani Port are constituents
of the Nifty 50, so they are automatically in portfolios of some
exchange-traded funds (ETFs) and index funds. But active funds
have very little exposure to Adani stocks and are largely
unscathed by their fall.
U.S.-listed iShares MSCI India ETF , which at the
end of December had a combined holding of $172 million in Adani
Transmission, Adani Total Gas and Adani Enterprises, has lost
2.7% over the past week.
Among active funds, the Kotak Balanced Advantage fund , which has positions in Adani Enterprises and Adani
Ports and Special Economic Zone, has shed just 0.5%.
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