The India Fund, Inc. (NYSE:IFN) Sees Large Growth in Short Interest

The India Fund, Inc. (NYSE:IFN - Get Free Report) saw a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 178,900 shares, a growth of 107.8% from the April 30th total of 86,100 shares. Based on an average trading volume of 182,900 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.6% of the company's shares are sold short.

The India Fund Price Performance

IFN stock traded down $0.11 during mid-day trading on Friday, reaching $16.34. The company had a trading volume of 56,685 shares, compared to its average volume of 170,523. The firm has a 50 day moving average of $15.68 and a 200 day moving average of $15.93. The India Fund has a 12 month low of $13.76 and a 12 month high of $19.25.

The India Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Thursday, May 22nd will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 10.04%. The ex-dividend date of this dividend is Thursday, May 22nd.

Institutional Trading of The India Fund

A number of hedge funds have recently bought and sold shares of the stock. Noble Wealth Management PBC purchased a new position in The India Fund in the fourth quarter valued at about $49,000. Farther Finance Advisors LLC boosted its holdings in shares of The India Fund by 21,522.2% in the 4th quarter. Farther Finance Advisors LLC now owns 3,892 shares of the investment management company's stock valued at $61,000 after buying an additional 3,874 shares in the last quarter. Elequin Capital LP purchased a new position in shares of The India Fund in the 4th quarter worth approximately $143,000. Aberdeen Group plc purchased a new position in shares of The India Fund in the 1st quarter worth approximately $161,000. Finally, Brown Advisory Inc. bought a new position in shares of The India Fund during the 1st quarter worth approximately $162,000. Hedge funds and other institutional investors own 10.76% of the company's stock.

The India Fund Company Profile

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.