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

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

The India Fund Price Performance

NYSE IFN traded up $0.03 during trading hours on Friday, hitting $16.27. 164,117 shares of the company were exchanged, compared to its average volume of 179,258. The company has a 50 day moving average of $15.17 and a two-hundred day moving average of $16.17. The India Fund has a 52-week low of $13.76 and a 52-week high of $19.25.

The India Fund Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, February 21st were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 11.31%. The ex-dividend date was Friday, February 21st.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC boosted its holdings in The India Fund by 260.0% in the first quarter. Penserra Capital Management LLC now owns 972,936 shares of the investment management company's stock valued at $15,343,000 after purchasing an additional 702,686 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in The India Fund during the 4th quarter worth $7,484,000. Cetera Investment Advisers lifted its position in The India Fund by 2.5% in the fourth quarter. Cetera Investment Advisers now owns 434,258 shares of the investment management company's stock valued at $6,840,000 after acquiring an additional 10,587 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in The India Fund by 8.0% in the first quarter. Janney Montgomery Scott LLC now owns 186,602 shares of the investment management company's stock valued at $2,943,000 after acquiring an additional 13,747 shares in the last quarter. Finally, Rivernorth Capital Management LLC purchased a new position in shares of The India Fund during the third quarter worth about $3,540,000. Hedge funds and other institutional investors own 10.76% of the company's stock.

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.