Top Mutual Funds holding HDFC Bank shares
Shares of HDFC Bank suffered one of their worst one-day selloffs, since the Covid-19 crash, on Thursday after Atanu Chakraborty resigned from his post of part-time Chairman citing “ethical concerns”.
HDFC Bank shares fell 8.6 per cent on the National Stock Exchange (NSE), hitting a 52-week low of ₹770 per share in the intraday trade today. During the Covid-19 pandemic led correction, the lender’s shares had tumbled approximately 13 per cent in a single session.
The sharp fall in HDFC Bank shares has hit the assets under management (AUM) pool of Indian Mutual Funds. At the end of the December quarter (Q3FY26), Mutual Funds (MFs) collectively held 26.66 per cent shareholding in HDFC Bank, BSE data shows.
Individually, 49 mutual funds have holdings in HDFC Bank. This intraday crash, thus, has posiibly hit their Net Asset Values (NAVs).
Some of the Large-Cap and Flexi-Cap funds held up to 8 per cent of their total holdings in HDFC Bank as of December 2025, ACE Equity data shows.
Top Mutual Funds holding HDFC Bank shares:
Exposure to HDFC Bank remains high across several mutual funds, with a mix of large and niche players allocating a significant portion of their portfolios to the banking major.
As of December 2025, Navi Mutual Fund held the highest exposure to HDFC Bank in percentage terms, with the stock accounting for 7.83 per cent of its total AUM. This was followed by PPFAS Mutual Fund with a share holding of 7.48 per cent, and UTI Mutual Fund with 7.39-per cent holding.
In absolute terms, Navi Mutual Fund held 7.2 million shares of HDFC Bank at the end of the third quarter, valued at ₹716 crore.
Here is a list of top 10 MFs with the highest exposure to HDFC Bank (% of AUM):
1. Navi Mutual Fund
Holding: 7.83% of AUM
Value: ₹716.2 crore
2. PPFAS Mutual Fund
Holding: 7.48%
Value: ₹11,382.6 crore
3. UTI Mutual Fund
Holding: 7.39%
Value: ₹29,233.6 crore
| Mutual Fund | % Holding (AUM) | Holding Value (₹ crore) |
| Navi Mutual Fund | 7.83 | 716.2 |
| PPFAS Mutual Fund | 7.48 | 11382.6 |
| UTI Mutual Fund | 7.39 | 29233.6 |
| SBI Mutual Fund | 6.29 | 80201.6 |
| 360 ONE Mutual Fund | 6.02 | 811.5 |
| Mirae Asset Mutual Fund | 5.6 | 13070.4 |
| Taurus Mutual Fund | 4.69 | 47.5 |
| Franklin Templeton Mutual Fund | 4.64 | 5918.8 |
| WhiteOak Capital Mutual Fund | 4.58 | 1465 |
| Helios Mutual Fund | 4.32 | 397.8 |
Source: ACE Equity
Note: MF holdings at the end of December 2025
MFs which increased stake in HDFC Bank in Q3FY26
Of the 49 mutual funds holding a stake in HDFC Bank, Quant Mutual Fund increased its exposure to HDFC Bank by a staggering 5,066 per cent versus its September 2025 holding. It raised its stake in HDFC Bank to 5.5 million shares.
Likewise, Jio BlackRock Mutual Fund increased its holding in HDFC Bank by 1,991.6 per cent in Q3FY26, adding 2.5 million shares, versus Q2FY26.
Unifi Mutual Fund, meanwhile, increased its holding by 41 per cent (82,800 shares), Trust MF by 35.79 per cent (0.20 million shares), Groww Mutual Fund by 33.67 per cent (0.24 million shares); and Capitalmind MF by 23.97 per cent (11,170 shares).
However, among the large MFs, WhiteOak Capital MF increased its exposure to HDFC Bank by 18.17 per cent (2.2 million shares), Bajaj Finserv MF by 12.7 per cent (1.27 million shares), Invesco MF by 10.28 per cent (4.2 million shares), DSP MF by 9.62 per cent (5.6 million shares), and Bandhan MF by 9.19 per cent (3.9 million shares).
MFs which reduced stake in HDFC Bank in Q3FY26
Samco Mutual Fund led the ‘Sell’ side camp against HDFC Bank in the December quarter as it reduced its stake by 81.34 per cent compared to its holding at the end of September 2025.
Samco MF sold 0.29 million shares.
Similarly, Mahindra Manulife MF reduced its stake by 16.31 per cent sequentially in Q3FY26, selling 1.3 million shares.
That apart, ITI MF reduced its stake by 15.78 per cent (0.6 million shares), JM Financial MF by 11.11 per cent (0.44 million shares), 360One Mutual Fund by 6.95 per cent (0.61 million shares), Franklin Templeton MF by 4.49 per cent (2.8 million shares), and SBI Mutual Fund by 3.16 per cent (26.43 million shares).
