HDFC Bank Takes a Hit: Are Your Mutual Funds at Risk?
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The stock is down around 18 per cent year-to-date; however, as of February 28, 2026, nearly 734 mutual funds collectively held over 3,59,03,67,995 shares, underscoring strong institutional conviction.
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Markets on March 19, 2026, opened on a sharply negative note, weighed down by a confluence of adverse global cues. A key trigger was the spike in benchmark Brent crude futures to around USD 112 per barrel, following reports of Israel striking one of Iran’s largest natural gas fields, intensifying geopolitical concerns and rattling global markets.
Adding to the cautious sentiment, the U.S. Federal Reserve maintained its policy rates at 3.5 per cent to 3.75 per cent, while signalling a higher inflation outlook, which dampened investor confidence across asset classes.
Amid this weak backdrop, HDFC Bank emerged as a major drag on market sentiment. The stock came under significant selling pressure, plunging over 8 per cent in early trade to hit an intraday low of Rs 772 on the BSE. Its American Depositary Receipts (ADR) also declined more than 7 per cent overnight to USD 26.62.
The sharp correction follows the recent resignation of Atanu Chakraborty on ethical grounds. While the bank clarified that there are no undisclosed concerns, the development has weighed on near-term sentiment. Despite this volatility, the stock continues to remain a core holding in institutional portfolios. As of February 28, 2026, nearly 734 Mutual Funds collectively held over 3,59,03,67,995 shares, underscoring strong institutional conviction.
Among key schemes, Parag Parikh Flexi Cap Fund, managed by Rajeev Thakkar, held 11,69,15,576 shares, with an AUM of Rs 1,34,253.2 crore and an allocation of 7.73 per cent, reflecting its diversified flexi-cap strategy.
Similarly, HDFC Flexi Cap Fund, under Amit Ganatra, held 8,20,00,000 shares (7.25 per cent allocation) with an AUM of Rs 1,00,455.3 crore.
In the Large-Cap segment, ICICI Prudential Large Cap Fund, managed by Sankaran Naren, had exposure of 9.16 per cent, holding 7,98,79,508 shares with an AUM of Rs 77,451.6 crore.
Among hybrid and arbitrage strategies, Kotak Arbitrage Fund, managed by Hiten Shah, held 5,56,05,000 shares (6.93 per cent allocation), while HDFC Balanced Advantage Fund, managed by Gopal Agrawal, maintained a 4.5 per cent exposure with holdings of 5,44,90,502 shares.
Value-oriented exposure was visible in ICICI Prudential Value Fund (managed by Sankaran Naren), which held 5,48,92,327 shares with an 8.05 per cent allocation. Meanwhile, Nippon India Large Cap Fund, under Sailesh Raj Bhan, had an 8.82 per cent exposure, holding 5,10,80,734 shares.
The sustained presence of HDFC Bank across diverse fund categories highlights its structural importance in institutional portfolios, even as near-term sentiment remains clouded by governance-related developments and volatile global cues.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.