HDFC AMC Defies Market Mood, Hits New 52-Wk Low in Firm Market: Here’s Why

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HDFC AMC Defies Market Mood, Hits New 52-Wk Low in Firm Market: Here’s Why
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market opened on a positive note after incessant sell-offs for 5 continuous days on Friday. Equity benchmark indices have managed to hold their gains, with Nifty50 trading 1.49% higher and Sensex up 1.39% at the time of writing.

However, shares of the leading asset management company, HDFC Asset Management Company (NS: HDFA ) declined to hit a fresh 52-week low at Rs 1,809.1/share on Friday, as opposed to a firm market.

The stock slumped after the global index provider MSCI announced the removal of HDFC (NS: HDFC ) AMC in its semi-annual May 2022 rejig.

The AMC scrip has underperformed the headline index Sensex, falling 18% in the past month, compared to an 8% decline in the latter. Since its listing in Aug 2018, HDFC AMC’s stock has gained only above 11%.

Furthermore, MSCI has added 4 stocks from India to its global indices, including Jindal Steel & Power (NS: JNSP ), Tata Elxsi (NS: TTEX ), Adani Power (NS: ADAN ) and AU Small Finance Bank (NS: AUFI ).

In April 2022, Edelweiss had predicted MSCI to add three of the aforementioned stocks in the May rejig. The addition of AU Small Finance Bank by MSCI came as a surprise.

Shares of the SFB traded 5.23% higher at Rs 1,303.9 apiece on Friday.

Read Also: MSCI Index Rejig: Adani (NS: APSE ) Power & 3 Other Stocks Added, 1 Removed & More

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  • Ronish Shethna @Ronish Shethna
    I have the same question i am holding hdfc bank fut at 1350 rupees
    Like 0
  • Pratap Reddy @Pratap Reddy
    hdfcbank will go down or high this month?
    Like 0
    • Amol D More @Amol D More
      Down below 1200
      Like 0
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