Cool De-risking

HDFC Mutual Fund has reduced its holding in Crompton Greaves Consumer Electricals

HDFC Mutual Fund recently sold 1.26 crore shares of Crompton Greaves Consumer Electricals (CGCEL) in the open market for a consideration of Rs.168 crore. Post the transaction, its stake in the company has come down to 7.2% from 9.2%. As on May 12, 2016, mutual funds held a 23% stake, while foreign institutional investors controlled 13.4%. The company was listed on the bourses on May 13 and has since gained 5.5%, slightly outperforming the benchmark Sensex which has gained 4.1% during the same period.