HDFC AMC gains 5% after SBI MF bought over 2% stake via open market

GQG Partners Emerging Markets Equity Fund sold 2.48 million shares in HDFC AMC worth Rs 396.83 crore.

Shares of HDFC Asset Management Company (AMC) surged 5 per cent to Rs 1,761.50 in Tuesday’s intra-day trade, after SBI Mutual Fund (MF) acquired more than 2 per cent stake in the company via open market.

On Monday, March 20, 2023, SBI MF bought 4.73 million shares representing 2.2 per cent stake in the AMC via open market transactions that amounted to Rs 757.4 crore. SBI MF purchased shares at price of Rs 1,600 per share on the NSE, the bulk deal data shows.

However, GQG Partners Emerging Markets Equity Fund sold 2.48 million shares in HDFC AMC