ICICI Bank overtakes HDFC Bank as top MF holding in July amid governance concerns
ICICI Bank now leads mutual fund portfolios, surpassing HDFC Bank in July. This shift reflects investor concerns over HDFC Bank's leadership succession and governance issues. ICICI Bank has shown a steadier stock performance and stable results recently. Mutual funds have increased holdings in both banks, while overseas ownership has reduced. Reliance Industries, Bharti Airtel, and Axis Bank…
In July, ICICI Bank has surpassed HDFC Bank to become the most valued stock holding in mutual fund portfolios, marking a shift after three years of HDFC Bank leading the pack. HDFC Bank's shares were valued at ₹2.96 lakh crore, while ICICI Bank's shares were valued at ₹3.01 lakh crore. Currently, mutual funds hold around 3.94 billion shares of HDFC Bank, compared to 2.10 billion shares of ICICI Bank.
ICICI Bank now constitutes 5.35% of equity mutual fund holdings, whereas HDFC Bank accounts for 5.24%. The shift is attributed to lingering concerns over executive leadership succession and governance issues at HDFC Bank, while ICICI Bank has had a steadier performance with no similar governance concerns.
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