The India Fund (NYSE:IFN) Shares Gap Down – Here’s What Happened

Shares of The India Fund, Inc. (NYSE:IFN) gapped down before the market opened on Thursday . The stock had previously closed at $17.76, but opened at $16.89. The India Fund shares last traded at $16.83, with a volume of 58,814 shares traded.

The India Fund Stock Down 5.9 %

The company’s 50 day simple moving average is $18.25 and its 200 day simple moving average is $18.08.

The India Fund Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Thursday, November 21st will be paid a $0.93 dividend. This is a positive change from The India Fund’s previous quarterly dividend of $0.49. This represents a $3.72 annualized dividend and a yield of 22.25%. The ex-dividend date of this dividend is Thursday, November 21st.

Institutional Investors Weigh In On The India Fund

Several hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in The India Fund in the second quarter worth $37,000. Planning Capital Management Corp raised its position in The India Fund by 21.3% in the third quarter. Planning Capital Management Corp now owns 4,181 shares of the investment management company’s stock worth $80,000 after acquiring an additional 733 shares in the last quarter. IHT Wealth Management LLC purchased a new position in The India Fund in the third quarter worth $191,000. Rathbones Group PLC raised its position in The India Fund by 22.6% in the second quarter. Rathbones Group PLC now owns 12,205 shares of the investment management company’s stock worth $218,000 after acquiring an additional 2,246 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in The India Fund in the second quarter worth $219,000. 10.76% of the stock is owned by institutional investors and hedge funds.

The India Fund Company Profile

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.