In fact, these three were among the top largecap stocks bought by mutual funds last month.
Mutual funds bought 61 lakh shares of Adani Power in August, compared to 17 lakh shares in July. In value terms, they bought shares worth Rs 194 crore, brokerage ICICI Securities said in its report.
In Adani Energy Solutions, mutual funds bought 22 lakh shares in August, compared to 16 lakh a month ago. In value terms, they bought shares worth Rs 178 crore.
Quant Mutual Fund bought 14 lakh shares of Adani Enterprises for Rs 344 crore last month.
Not only mutual funds, global investment firm GQG Partners also picked up an additional 8% stake in Adani Power last month by buying promoters’ stake in a $1.1-billion deal.GQG Partners also bought 22 lakh more shares in Adani Ports and Special Economic Zone in August, raising its stake in the ports major to 5%.
The buying by institutional investors was despite the news of Deloitte resigning as the statutory auditor of Adani Ports doing the rounds.
The statutory auditor resigned primarily due to lack of clarity on transactions with certain parties, as was alleged by US-based Hindenburg Research in its report in January.
Last month, the Supreme Court was to hear the Adani-Hindenburg case following submissions by the Securities and Exchange Board of India, which was given additional time by the apex court to complete the investigation.
On August 25, Sebi submitted its report on the investigation into the allegations made by Hindenburg Research against the ports-to-oil conglomerate.
The apex court will look into the report and will further hear the matter on September 15, as per reports.
In trade on Wednesday, Adani Enterprises shares were down 0.3% at Rs 2,528 on the National Stock Exchange. Adani Power shares lost 2.4% to Rs 377.10, Adani Ports fell 1% to Rs 849.95, and Adani Energy dropped 1.4% to Rs 840.
The fall in shares of Adani Group was triggered by a report that a former Adani contractor has sought intervention in the Sebi-Adani matter.
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