Fund houses prune Nykaa, Policybazaar exposure
Business Standard|January 18, 2022
It's profit-taking, say fund managers; increase holding in Paytm in December
CHIRAG MADIA

Mutual fund (MF) houses pared their holdings in Vnew-age technology firms PB Fintech (Policy Bazaar) and FSN E-Commerce Ventures (Nykaa) in December. Fund managers said this was on account of profit-taking following a sharp increase in the stock prices of these firms over their initial public offering (IPO) price.

The data from ICICI Direct Research shows MFs held 11.7 million shares of PolicyBazaar in November, which reduced to 10 million in December. While in case of Nykaa, the MF holdings in December stood at 11.3 million, down from 12.3 million in the preceding month.

The market value (total holdings) for MFs of PolicyBazaar as of December stood at 1946 crore, down from 31,421 crore in November. While the value of Nykaa was 13,003 crore in November, which reduced to $2,385 crore in December.

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