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Home STOCKS HDFC AMC share price: HDFC AMC drops 2% following Prashant Jain sells...

HDFC AMC share price: HDFC AMC drops 2% following Prashant Jain sells one-3rd of his shares in agency

NEW DELHI: Shares of HDFC Asset Administration Business (HDFC AMC) fell 2 for every cent in Monday’s trade amid experiences that star fund administration Prashant Jain marketed a third of his stake value Rs 74.79 crore in the fund dwelling. Jain is the main investment officer at AMC.
The rationale at the rear of Jain’s final decision to provide a part of the personalized holdings could not be ascertained but it has heightened debate on HDFC Asset’s valuations, which a part of the market thinks is expensive. The stock has been on a roll, surging 126 for each cent considering that the company’s listing in August 2018. The company’s IPO in July 2018 was priced at Rs 1,100 for each share.
On Monday, the inventory fell 1.55 for every cent to strike a low of Rs 2,450.10 on BSE.
Just after the stake sale, Jain holds 5.88 lakh shares in the country’s second greatest mutual fund well worth about Rs 146 crore.
HDFC and Nippon Everyday living Asset Management are the only two outlined mutual resources in the 44-member market. UTI Asset not long ago received the regulator’s acceptance for an IPO.
HDFC Asset is investing at 14% of its assets really worth Rs 3.70 lakh crore as on March 31, 2020.
HDFC Asset shares, which experienced touched a low of Rs 1963.6 on March 25, have risen 27% in the past three months. The inventory touched an all-time high of Rs 3844 on November 22, 2019.

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