A popular face on TV and the manager of over Rs 9,000 crore in assets, he is increasingly contradicting himself, imperilling investors’ interests.
On 18 January, in his newsletter to investors, Marcellus Investment Managers founder and chief investment officer Saurabh Mukherjea said that the fund house had exited one of his favourite stocks, Relaxo Footwears. In the year leading up to the sale, Relaxo’s shares had corrected by 33%, against the benchmark’s (S&P BSE 200) 1%.
On the face of it, a perfectly rational decision by a portfolio management services manager to cut his clients’ losses. Except for the timing. In his public appearances, in the days and weeks before the exit, Mukherjea had repeatedly reposed faith in the stock.
A deeper look …
Furquan covers banking and financial services at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
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furquan@mailtmc.com
Delhi