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HDFC MF sells 2% in Persistent for ₹905 cr
Mint Mumbai
|October 13, 2023
HDFC Asset Management Co. Ltd on Thursday sold over 2% stake in IT services company Persistent Systems Ltd for at least 1905 crore, an exchange filing revealed.
The stake sale has lowered the country's third largest fund house's stake to 3.06% in the $5 billion Pune-based IT firm, in which India's top fund managers held over 23.5% through 35 different schemes as of June end.
Over the past year, mutual funds have increased their bet on Persistent Systems, increasing their net aggregate holding.
Since 13 October last year, Persistent Systems' shares have swelled by 39% from its 52-week low of ₹3,502 to ₹5,775 apiece now, implying that there could be an onset of profit-booking by more public investors in the coming weeks.
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