Shares of Mukesh Ambani-led Reliance Industries may have traded weak on the bourses in the recent months, but mutual funds have enhanced their exposure to the stock, attracted by its lower valuation.
More than 200 mutual fund schemes purchased fresh RIL (Reliance Industries Ltd) shares, worth an estimated Rs 1,500 crore at current value, during the last quarter.
In contrast, about 100 schemes sold RIL shares from their portfolio during the quarter ended September 30. These shares are worth about Rs 350 crore at the current market price.
The MF schemes having purchased fresh RIL shares during the quarter also included those from Anil Ambani-led group’s Reliance MF, the country’s biggest fund house.
Interestingly, the RIL stock fell sharply by about 11 per cent during the July-September 2011 quarter.
In the past one year, RIL stock has dipped by over 20 per cent and hit a 52-week low of Rs 713.55 on August 26, 2011 and is currently trading near Rs 884 level.