Mutual funds have dumped automobile stocks, bringing down their holding by 17 per cent to Rs. 60,426 crore in January against Rs. 72,924 crore logged in December. Their holding of construction sector stocks was also down at Rs. 45,812 crore ( Rs. 48,830 crore) due to a slowdown in fresh investments and concern over the financial performance of the players.
With uncertainty looming large, the mutual fund industry has also dumped shares of metals ( Rs. 2,626 crore), cement ( Rs. 2,215 crore) and industrial manufacturing ( Rs. 2,821 crore) companies. The funds have also turned negative towards the energy sector with its AUM dipping to Rs. 1.09 lakh crore ( Rs. 1.11 lakh crore) in January.