Which mutual funds have the highest exposure in IDFC First Bank
A Rs 590-crore fraud at a single Chandigarh branch of IDFC First Bank erased Rs 14,438 crore in market value on Monday, as investors dumped the stock after learning the theft exceeded the bank’s entire quarterly profit.
Data from ACE MF showed that mutual funds had nearly 99 crore shares of IDFC First Bank worth a market value of Rs 8,281 crore as of January 31, 2026. ETMutualFunds also checked which mutual funds had the highest exposure in IDFC First Bank.
Also Read | 9 equity mutual funds deliver over 20% return on lumpsum investments in 1 year. Do you own any?
Around 34 asset management companies (AMCs) and two SIFs had exposure in IDFC First Bank. Tata Mutual Fund had nearly 14.12 crore shares of this stock, worth a market value of Rs 1,180 crore as of January 31, 2026.
HSBC Mutual Fund and Motilal Oswal Mutual Fund had 8.53 crore shares each of IDFC First Bank in their portfolios. Edelweiss Mutual Fund had 6.05 crore shares of this stock in its portfolio.
HDFC Mutual Fund and Nippon India Mutual Fund had 5.95 crore and 5.57 crore shares, respectively. ICICI Prudential Mutual Fund and SBI Mutual Fund had 3.72 crore shares each in their portfolios.
Kotak Mutual Fund had nearly 3.69 crore shares of this stock worth a market value of Rs 308 crore. This was followed by Aditya Birla Sun Life Mutual Fund who had 3.52 crore shares of IDFC First Bank.
PPFAS Mutual Fund had nearly 1.05 crore shares in its portfolio. Helios Mutual Fund had 56.99 lakh shares in its portfolio worth Rs 47 crore. Altiva SIF, by Edelweiss Mutual Fund, had 16.88 lakh shares in its portfolio.
Invesco Mutual Fund and QSIF (by Quant Mutual Fund) had 6.58 lakh shares each in their portfolios. JioBlackRock Mutual Fund had 5.80 lakh shares in its portfolio of IDFC First Bank. Angel One Mutual Fund had the lowest number of shares of around 31,724, in its portfolio.
What happened at IDFC?
The trouble surfaced on February 18, 2026, when Haryana state government entities flagged discrepancies between actual account balances and those claimed by account holders. A preliminary internal review confined the matter to a specific group of Haryana government-linked accounts at the Chandigarh branch.
Also Read | Investing Rs 95,000 a month through mutual fund SIPs - Can it build a Rs 5 crore corpus in 15 years?
Four suspected branch officials have been suspended. The bank has filed a police complaint, informed statutory auditors, and appointed KPMG to conduct an independent forensic audit. A Special Committee of the Board for Monitoring Fraud Cases met on February 20, followed by a full Audit Committee and Board meeting on February 21.
The reputational damage extends beyond the balance sheet. The Haryana government has de-empanelled IDFC First Bank, along with AU Small Finance Bank, directing state government departments to close their accounts with both lenders. The move signals a broader loss of confidence in the bank's ability to handle public funds, adding an overhang that could weigh on institutional business well beyond this single incident.
Data from ACE MF showed that mutual funds had nearly 99 crore shares of IDFC First Bank worth a market value of Rs 8,281 crore as of January 31, 2026. ETMutualFunds also checked which mutual funds had the highest exposure in IDFC First Bank.
Also Read | 9 equity mutual funds deliver over 20% return on lumpsum investments in 1 year. Do you own any?
Around 34 asset management companies (AMCs) and two SIFs had exposure in IDFC First Bank. Tata Mutual Fund had nearly 14.12 crore shares of this stock, worth a market value of Rs 1,180 crore as of January 31, 2026.
HSBC Mutual Fund and Motilal Oswal Mutual Fund had 8.53 crore shares each of IDFC First Bank in their portfolios. Edelweiss Mutual Fund had 6.05 crore shares of this stock in its portfolio.
HDFC Mutual Fund and Nippon India Mutual Fund had 5.95 crore and 5.57 crore shares, respectively. ICICI Prudential Mutual Fund and SBI Mutual Fund had 3.72 crore shares each in their portfolios.
Kotak Mutual Fund had nearly 3.69 crore shares of this stock worth a market value of Rs 308 crore. This was followed by Aditya Birla Sun Life Mutual Fund who had 3.52 crore shares of IDFC First Bank.
PPFAS Mutual Fund had nearly 1.05 crore shares in its portfolio. Helios Mutual Fund had 56.99 lakh shares in its portfolio worth Rs 47 crore. Altiva SIF, by Edelweiss Mutual Fund, had 16.88 lakh shares in its portfolio.
Invesco Mutual Fund and QSIF (by Quant Mutual Fund) had 6.58 lakh shares each in their portfolios. JioBlackRock Mutual Fund had 5.80 lakh shares in its portfolio of IDFC First Bank. Angel One Mutual Fund had the lowest number of shares of around 31,724, in its portfolio.
What happened at IDFC?
The trouble surfaced on February 18, 2026, when Haryana state government entities flagged discrepancies between actual account balances and those claimed by account holders. A preliminary internal review confined the matter to a specific group of Haryana government-linked accounts at the Chandigarh branch.
Also Read | Investing Rs 95,000 a month through mutual fund SIPs - Can it build a Rs 5 crore corpus in 15 years?
Four suspected branch officials have been suspended. The bank has filed a police complaint, informed statutory auditors, and appointed KPMG to conduct an independent forensic audit. A Special Committee of the Board for Monitoring Fraud Cases met on February 20, followed by a full Audit Committee and Board meeting on February 21.
The reputational damage extends beyond the balance sheet. The Haryana government has de-empanelled IDFC First Bank, along with AU Small Finance Bank, directing state government departments to close their accounts with both lenders. The move signals a broader loss of confidence in the bank's ability to handle public funds, adding an overhang that could weigh on institutional business well beyond this single incident.
Next Story