Equity mutual funds saw an outflow for the fifth straight month as redemptions intensified on profit-booking despite benchmarks scaling lifetime highs.
Net outflow from equity and equity-linked mutual fund schemes stood at Rs 12,917.36 crore in November compared with an outflow of Rs 2,724.95 crore in October, according to data released by the Association of Mutual Funds in India.
“This is mainly on account of profit-booking. People believe that there is a huge amount of movement in the equity markets and they are trying to take advantage and taking money off the table. The stock market has moved quite quickly upwards, so people are taking profits,” said NS Venkatesh, chief executive officer at AMFI.