According to the Mutual Fund Insight report by Nuvama Alternative & Quantitative Research, mutual funds offloaded approximately 1.6 crore shares of IndusInd Bank before the stock's sharp decline. The total mutual fund holdings in the bank stood at 20.7 crore shares in February, down from 22.3 crore shares in January.
The crash followed multiple brokerage downgrades and target price cuts after an accounting discrepancy was discovered in the bank’s forex derivatives portfolio.
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