MSN India – The Children’s Investment Fund Management and its affiliates have emerged as the single-largest seller of Indian stocks among foreign institutional investors (FIIs).
The hedge fund registered its biggest annual loss in 2008.
The fund is liquidating its investments in India at a steep discount to the prices at which it bought the stocks last year. The Bombay Stock Exchange Sensitive Index has declined 15.4 per cent this year while the Bankex, the banking index, has lost 33.4 per cent.
The UK-based hedge fund accounts for about 10 per cent of an estimated Rs 10,772 crore of stock sales by FIIs so far this year. So far, Children’s Fund has sold as much as Rs 1,154 crore worth of stocks, or 33 per cent of its purchases last year, a study by the Business Standard Research Bureau showed.
