While retail investors panic and IT stocks bleed billions in market value, India's largest mutual fund scheme has been doubling down by buying more shares of TCS, Infosys and HCL Technologies even as the sector logs some of its steepest losses on record.Parag Parikh Flexicap Fund, the country's largest mutual fund scheme with an AUM of more than Rs 1.1 lakh crore, increased its holdings in all three IT majors in June, according to its monthly portfolio statement.
The fund added 54 lakh shares of Infosys, taking its holding to 4.27 crore shares from 3.73 crore shares in May.
It raised its HCL Technologies stake by 31.15 lakh shares to 4.61 crore shares, and added 18.26 lakh shares of TCS, lifting its holding to 1.77 crore shares.The buying comes even as the three stocks rank among the market's biggest wealth destroyers this year.
TCS has crashed 55 percent from its all-time peak of Rs 4,592.25 hit on August 30, 2024, and is down 36 percent year-to-date.
Infosys has fallen 47 percent from its all-time high of Rs 2,006.45 on December 13, 2024, down 34 percent so far this year.
