Listed AMCs' shares gain after Sebi's 2-year ban on Franklin Templeton MF

Shares of the three listed asset management companies (AMCs) posted gains on Tuesday as investors bet that the troubles at Franklin Templeton Mutual Fund will drive investors towards bigger brands. Additi­onally, Sebi’s two-year ban on Franklin MF on launching new debt schemes is seen benefiting rivals.

Shares of HDFC Asset Management Company (AMC) rose as much as 3.4 per cent, while those of UTI AMC and Nippon Life India AMC gained about 1.83 per cent and 1.33 per cent, respectively, on Tuesday.

However, all three stocks retreated from their day’s highs amid volatility in the overall market.