Short Interest in The India Fund, Inc. (NYSE:IFN) Drops By 33.6%

The India Fund, Inc. (NYSE:IFN) saw a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 162,400 shares, a decrease of 33.6% from the February 28th total of 244,500 shares. Based on an average daily volume of 217,000 shares, the days-to-cover ratio is currently 0.7 days. Approximately 0.5% of the shares of the company are sold short.

The India Fund Stock Performance

NYSE IFN traded up $0.07 on Monday, reaching $15.76. The stock had a trading volume of 107,794 shares, compared to its average volume of 189,403. The India Fund has a 1-year low of $14.17 and a 1-year high of $20.83. The firm has a fifty day moving average of $15.48 and a two-hundred day moving average of $16.76.

The India Fund Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 21st will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 11.67%. The ex-dividend date is Friday, February 21st.

Institutional Inflows and Outflows

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