7 stocks where MFs raised bets for 4 straight quarters now in a bear grip | Full list

Seven mutual fund favourites, namely Syngene International Ltd, Coforge Ltd, Cyient Ltd, Aptus Value Housing Finance India Ltd, Mphasis Ltd, Emami Ltd and HDFC Bank Ltd, where mutual funds (MFs) had upped stakes for four straight quarters, are down 20-35 per cent in 2026 so far. These seven BSE500 stocks had at least 20 per cent mutual fund holding at the end of the December quarter, according to data compiled from the corporate database AceEquity.

Syngene International 
Syngene International is in bear grip and has fallen 35.61 per cent to Rs 419.10 a piece from Rs 650.90 a piece on December 31, 2025. Mutual funds upped stake in this stock quarter-after-quarter, at least since December 2024 quarter. Domestic funds held 22.71 per cent stake in the company as of December 2025 quarter against 15.4 per cent as on December 2024.
Syngene International has a consensus 'Hold' rating, as per Trendlyne. Analysts said the recent stock performance was impacted by a temporary product-specific headwind, but underlying business momentum, capacity build-out and long term strategic partnerships provide visibility for recovery. The shortfall relates to inventory correction and product level issues for Librela (Zoetis) and the impact is likely in Q4 and into early Q1, SMIFS said in a note.    

Coforge
In the case of Coforge, the stock has fallen 30.05 per cent to Rs 1,162.95 level from Rs 1,662.55. MF holding in the IT major jumped to 38.7 per cent in December 2025 quarter from 35.8 per cent December 2024 quarter. MOFSL on March 20 said Coforge seems to have two disadvantages vis-a-vis peers. The first is its relatively higher exposure to the travel vertical versus peers. The second is its West Asia exposure.

"Even so, we believe the stock is currently pricing in an extreme bear-case scenario. The stock trades at 20x FY28E P/E, assuming a bear case of 10 per cent organic constant currency growth rate in FY27/FY28E," it said while suggesting a target of Rs 1,880. 

Cyient
Another IT stock Cyient has fallen 27 per cent year-to-date. MFs held 31.99 per cent in this IT firm compared with 23.78 per cent a year-ago quarter. JPMorgan has revised its target on Cyient to Rs 1,200 from Rs 1,500 earlier. Axis Direct suggested  a 'Hold' on Cyient on March 20 with a target price of Rs 880 from 1,230 earlier. 

Aptus Value 
Aptus Value  has seen its shares falling 26 per cent to Rs 207.20 from Rs 279.10 year-to-date. MF holding in this stocks jumped from single digit (8.43 per cent) in December 2024 to 22.3 per cent at the end of December 2025 quarter. Axis Securities on March 24 retained 'Buy' on Aptus Value with a target of Rs 350. " We do not believe the West Asia conflict would have a meaningful impact on housing AUM growth, as it does not directly alter the fundamental growth drivers," it said on the housing finance sector as a whole.

Mphasis 
Mphasis shares have fallen 24 per cent to Rs 2,132.75. MF holding in this company climbed to 30.66 per cent in December 2025 from 21.96 per cent in December 2024. "We prefer mid-caps over large-caps because we believe that mid-caps are better placed to quickly remodel their business and compete with incumbents in large multi-service line deals leveraging AI," ICICI Securities said on March 16. This brokerage has upgraded Mphasis to Buy with a target of Rs 2,500.

Emami
Emami shares are down 22 per cent in 2026 so far. MF holding in this FMCG major stood at 24.40 per cent in December quarter, from 22.97 per cent in September quarter, and 19.38 per cent in the December 2024 quarter. In FY25, International Business contributed 17 per cent to Emami's consolidated sales (FY25) with strong performance in MENA region. UAE and Saudi  Arabia markets grew in double digits in FY25. Emami has a 3P manufacturing facility in UAE, BNP Paribas noted.

HDFC Bank
In the case of HDFC Bank, the scrip is down 21 per cent in 2026 so far. The stock has corrected largely after the part-time Chairman Atanu Chakraborty's resignation. Antique Stock Broking in a recent note said the chairman's resignation, in his second term, on the reason of 'certain happenings and practices within the bank which are not in congruence with his personal values and ethics' casts a shadow over the board and the management team. MFs held 26.66 per cent stake in HDFC Bank at the end of December quarter.