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

The India Fund, Inc. (NYSE:IFN - Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 162,400 shares, a decline of 33.6% from the February 28th total of 244,500 shares. Currently, 0.5% of the company's shares are sold short. Based on an average trading volume of 217,000 shares, the days-to-cover ratio is currently 0.7 days.

The India Fund Price Performance

Shares of The India Fund stock traded up $0.03 during trading on Wednesday, reaching $15.63. The company's stock had a trading volume of 102,050 shares, compared to its average volume of 191,522. The firm's 50-day moving average is $15.47 and its two-hundred day moving average is $16.74. The India Fund has a 52-week low of $14.17 and a 52-week high of $20.83.

The India Fund Cuts Dividend

The business also recently announced 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. This represents a $1.84 annualized dividend and a yield of 11.77%. The ex-dividend date of this dividend was Friday, February 21st.

Institutional Trading of The India Fund

A number of institutional investors have recently made changes to their positions in the stock. Pettinga Financial Advisors LLC purchased a new stake in The India Fund in the 4th quarter worth approximately $418,000. Elequin Capital LP purchased a new stake in The India Fund during the 4th quarter valued at about $143,000. CSS LLC IL purchased a new stake in shares of The India Fund during the fourth quarter valued at approximately $238,000. Waverly Advisors LLC bought a new stake in shares of The India Fund in the 4th quarter worth $185,000. Finally, Quantedge Capital Pte Ltd purchased a new position in The India Fund in the 4th quarter worth about $443,000. 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.