Ditched! FIIs dump these 17 stocks in Q1; 2 Adani cos in hit list

While the number of companies that saw foreign investors increase stake in the June quarter outnumbered those where holding was reduced, a bunch of prominent names made it to the hit list of the big bulls of Dalal Street.

In as many as 541 companies, foreign investors reduced their stake in the quarter gone by, and among these, 17 companies saw sharp cuts in their holding.

With the bears growling, these 17 companies corrected up to 83% so far in 2023.


Zee Entertainment Enterprises, PVR Inox, Thyrocare Technologies, Indus Towers, Aavas Financiers, Brightcom Group, Vakrangee, New Delhi Television, and Adani Total Gas are among the 17 companies in which FIIs sharply cut their stake in the last quarter.


Adani Total Gas: This Adani Group stock has faced selling pressure from foreign investors for seven consecutive sectors. FII holding in the company was at 14.08% as of June end, compared to 18.89% in September 2021. Trendlyne data showed that the number of FII/FPI investors was down to 200 in the June quarter from as high as 563 a quarter ago. The stock is the worst hit among Adani Group stocks, as it has corrected nearly 83% so far in 2023.

New Delhi Television: FIIs reduced their holding in this Adani Group stock for the third straight quarter. Their holding in the company is now negligible, while it used to be as high as 14% in September 2021. Sequentially, the number of FII/FPI investors decreased to 10 from 13. Shares of the company have shed more than 34% so far this year.

Zee Entertainment Enterprises: With the merger deal with Sony Pictures in limbo, the company has been facing selling pressure from FIIs for three quarters. FII holding reduced to 33.4% in the June quarter from 36.4% in the March quarter. The number of FII/FPI investors also decreased by 20 to 325 in the quarter.

PVR Inox: FIIs reduced their stake in the multiplex operator for the fourth consecutive time in the June quarter. Their cumulative holding dropped a sharp 437 basis points sequentially to 26.83% in the last quarter. Consequently, the number of FII/FPI investors decreased to 253 from 284.

Indus Towers: FIIs significantly reduced their stake in the company in the last quarter. Their cumulative holding dropped by 270 bps to 23.93%. Consequently, the number of FII/FPI investors nearly halved to 364. Shares of the telecom tower services provider have shed over 10% so far in 2023.

Deepak Fertilisers: FIIs have been reducing their holding in the fertiliser maker since the three quarters, but the steepest selling was in the quarter gone by. Their cumulative holding slumped to 9.58% from 15.23%. The number of FII/FPI investors decreased to 136 from 152.

Brightcom Group: In this stock, FIIs reduced their stake significantly to 8.87% as of June end, from 15.76% a quarter ago. The trend has reversed after four quarters. The number of FPI investors decreased to 106 in the quarter from 121. Year-to-date, the stock has net lost nearly 48%.

Crompton Greaves Consumer Electricals: In the June quarter, FIIs significantly reduced their stake in the consumer durables goods maker. Their holding slipped to 34.9% from 39.63%. The number of FPI investors decreased to 379 from 399. Year-to-date, the stock has net lost more than 13%.

(Data inputs from Ritesh Presswala)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)