The India Fund, Inc. (NYSE:IFN) Sees Significant Decline in Short Interest

The India Fund, Inc. (NYSE:IFN - Get Free Report) saw a significant decline in short interest in April. As of April 15th, there was short interest totalling 88,100 shares, a decline of 54.1% from the March 31st total of 191,800 shares. Currently, 0.3% of the shares of the company are short sold. Based on an average daily volume of 181,300 shares, the short-interest ratio is presently 0.5 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC lifted its stake in shares of The India Fund by 260.0% during the 1st quarter. Penserra Capital Management LLC now owns 972,936 shares of the investment management company's stock worth $15,343,000 after purchasing an additional 702,686 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in The India Fund during the fourth quarter worth about $7,484,000. Rivernorth Capital Management LLC purchased a new position in shares of The India Fund during the 3rd quarter valued at approximately $3,540,000. Janney Montgomery Scott LLC purchased a new stake in shares of The India Fund in the fourth quarter valued at approximately $2,722,000. Finally, Wolverine Asset Management LLC raised its holdings in shares of The India Fund by 188.4% during the fourth quarter. Wolverine Asset Management LLC now owns 109,284 shares of the investment management company's stock valued at $1,721,000 after acquiring an additional 71,390 shares during the last quarter. Hedge funds and other institutional investors own 10.76% of the company's stock.

The India Fund Stock Performance

IFN traded up $0.05 during trading on Thursday, hitting $15.98. 35,349 shares of the company traded hands, compared to its average volume of 178,811. The stock's 50-day simple moving average is $15.12 and its two-hundred day simple moving average is $16.20. The India Fund has a 1 year low of $13.76 and a 1 year high of $19.25.

The India Fund Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, February 21st were issued a dividend of $0.46 per share. The ex-dividend date was Friday, February 21st. This represents a $1.84 annualized dividend and a yield of 11.51%.

About The India Fund

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.