Domestic funds rushed to RIL, Airtel in April; dumped L&T, private banks

Mumbai: Amid back-to-back investments in Jio Platforms and fund raise by Reliance Industries, including India’s biggest rights issue till date, the Mukesh Ambani company’s stock has remained under-owned among domestic mutual funds.

While the big slump in oil market may have nudged fund houses to steer clear of the stock in the previous months, April saw them come back to the counter in a big way.

Reliance Industries (RIL) was among the most sought-after stocks among domestic fund managers during the month, when Dalal Street staged a spectacular rebound from the brutal March selloff, giving benchmarks Sensex and Nifty nearly 15 per cent lift.

These indices had eroded around 21 per cent each in March.