India Fund (NYSE:IFN) Stock Price Crosses Below 200-Day Moving Average – Should You Sell?

India Fund, Inc. (NYSE:IFN) shares passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $11.43 and traded as low as $10.25. India Fund shares last traded at $10.3810, with a volume of 168,907 shares.

India Fund Trading Up 1.0%

The firm has a fifty day simple moving average of $11.27 and a 200 day simple moving average of $11.43.

India Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, August 24th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 14.3%.

Hedge Funds Weigh In On India Fund

Several institutional investors have recently made changes to their positions in the company. Rivernorth Capital Management LLC bought a new stake in shares of India Fund in the second quarter valued at about $986,000. Readystate Asset Management LP bought a new position in India Fund during the 2nd quarter worth about $405,000. Decision Investments Inc. bought a new position in India Fund during the 1st quarter worth about $178,000. Cooper Financial Group purchased a new position in India Fund during the 3rd quarter valued at about $142,000. Finally, Succession Financial Inc. purchased a new position in India Fund during the 2nd quarter valued at about $125,000. Hedge funds and other institutional investors own 10.76% of the company’s stock.

India Fund Company Profile

The India Fund, Inc (NYSE: IFN) is a non-diversified closed-end investment company focused on providing investors with exposure to India’s equity markets. The fund seeks long-term capital appreciation by investing primarily in the publicly traded equity securities of Indian companies.

Its portfolio may include common stocks and other equity-related investments issued by companies based in India, as well as securities listed outside India that provide exposure to Indian businesses. The fund’s investments span multiple industries and sectors within the Indian economy, rather than focusing on a single line of business.

The India Fund began operations in 1994 and is managed by abrdn Asia Limited, part of the global investment management firm abrdn.