HDFC AMC, UTI AMC: AMC stocks may fall up to 15% on debt fund tax blow

Selective AMC stocks like Nippon Life India Asset Management and Aditya Birla Sun Life Amc could slip up to 15 per cent, show technical charts

Shares of Asset Management Company slipped to fresh 52-week lows on Friday, after the Government of India proposed investment in mutual fund; below 35 per cent in equities, shall be considered as short-term capital gains. Also, debt funds invested for a period of over three years will be eligible for long-term capital gains tax (LTCG) and their gains will be taxed at 20 per cent with indexation benefits.

HDFC Asset Management Company shares tumbled 4.35 per cent, Aditya Birla Sun Life Amc and UTI Asset Management Company fell over 2 per cent, while Nippon Life India Asset Management lost 1