Mumbai: Shares of ICICI Prudential Asset Management Company (AMC) surged sharply on Friday, propelling the company past HDFC AMC to become the most valued asset management firm in India by market capitalization.
The stock witnessed strong buying interest and jumped nearly 23 per cent during intraday trade to hit a high of Rs 2,662. It later settled at Rs 2,586.70 per share, registering a robust gain of 19.48 per cent for the day.
The sharp rally significantly boosted ICICI Prudential AMC’s market valuation, allowing it to overtake long-time leader HDFC AMC in terms of overall value. Market participants attributed the surge to strong investor sentiment, expectations of sustained growth in the mutual fund industry, and confidence in the company’s business fundamentals.
The asset management sector has been gaining traction amid rising retail participation in mutual funds and steady inflows through systematic investment plans (SIPs). Analysts believe that improving market conditions and long-term growth prospects for the domestic asset management industry continue to support valuations of leading AMCs.
With Friday’s rally, ICICI Prudential AMC has emerged as the top-valued player in the sector, reflecting growing investor confidence and renewed momentum in financial services stocks.
