MFs sold RIL shares amid Jio deals in May, shifted to battered names

NEW DELHI: As oil-to-telecom conglomerate Reliance Industries went on stitching together one after another deal to bring in marquee investors for Jio Platforms, domestic mutual funds used the spike in share price to dump the stocks.

The fund managers instead turned focus on the underperforming stocks such as HUL and ICICI Bank, among others, during the May selloff.

The equity indices took some breather during the month, with Sensex falling 3.83 per cent following a sharp 14.42 per cent rally in April.

Data showed MFs trimmed holdings in Reliance Industries by selling shares worth Rs 4,492 crore in May, following a strong 32 per cent surge in the stock in April. The scrip settled almost flat for May, which still was better than the broader market performance.