HDFC AMC shares: BOB Capital Markets said shares of HDFC AMC are trading at 25 times FY25E EPS, a 30 per cent discount to the long-term mean, but it continues to value it at a similar multiple for a target price of Rs 1,946.
HDFC AMC shares were down 8.5 per cent on a year-to-date basis. On Monday they closed below the levels of Rs 1,900 for the first time since May 29 this year.
UK-based Abrdn Investment Management, a promoter of HDFC Asset Management Company AMC, on Tuesday divested its entire 10.20 per cent stake in the firm for Rs 4,079 crore through open market transactions.Abrdn Investment Management offloaded the shares of HDFC AMC in 22 tranches.SBI Mutual Fund MF, Aditya Birla Sun Life MF, ICICI Prudential Life Insurance Company, BNP Paribas Arbitrage, Societe Generale, SmallCap World Fund Inc, Kuwait Investment Authority and BofA Securities Europe SA, among other buyers, were the bought shares of HDFC AMC.