Key reductions include:

• Urban Company Ltd: Stake decreased from 65.63% to 55.77%, down by 9.86%.
• ICICI Bank Ltd: Stake reduced from 43.87% to 34.48%, down by 9.39%.
• Aavas Financiers Ltd: Stake decreased from 24.72% to 16.74%, down by 7.98%.
• Manappuram Finance Ltd: Stake reduced from 28.78% to 23.23%, down by 5.55%.
• Restaurant Brands Asia Ltd: Stake decreased from 16.82% to 10.59%, down by 6.23%.

FIIs consistently reduced their stakes in several mid-cap stocks over the past four quarters, suggesting that this is not an isolated incident but part of a larger trend.

Other notable changes include reductions at Max Healthcare Institute Ltd, Bliss GVS Pharma Ltd, and Landmark Cars Ltd, among others.

Adani Total Gas Ltd saw its stake decrease to 12.75% as of March 2026, down from 13.22% the previous year.

No specific reasons have been disclosed for these reductions, but analysts suggest that market conditions and profit booking may be influencing these decisions.

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