India Fund (NYSE:IFN) Shares Cross Below Two Hundred Day Moving Average – Here’s Why

India Fund, Inc. (NYSE:IFN)’s stock price passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $11.55 and traded as low as $10.93. India Fund shares last traded at $10.95, with a volume of 107,914 shares changing hands.

India Fund Stock Performance

The stock has a 50 day simple moving average of $11.49 and a two-hundred day simple moving average of $11.54.

India Fund Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Monday, August 24th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 13.6%. The ex-dividend date is Monday, August 24th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Rivernorth Capital Management LLC acquired a new stake in shares of India Fund in the second quarter valued at about $986,000. Readystate Asset Management LP acquired a new position in India Fund during the second quarter worth about $405,000. Decision Investments Inc. purchased a new stake in India Fund during the 1st quarter valued at about $178,000. Succession Financial Inc. purchased a new stake in India Fund during the 2nd quarter valued at about $125,000. Finally, Waverly Advisors LLC raised its holdings in India Fund by 7.4% in the 2nd quarter. Waverly Advisors LLC now owns 16,058 shares of the investment management company’s stock valued at $189,000 after acquiring an additional 1,112 shares during the last quarter. 10.76% of the stock is owned by institutional investors and hedge funds.

About India Fund

The India Fund, Inc (NYSE: IFN) is a publicly traded 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 securities of Indian companies.

Its portfolio may include publicly traded shares and other equity-related investments across a range of Indian industries, such as financial services, information technology, consumer goods, health care, industrials and energy. Through this diversified approach, the fund offers U.S.-listed access to companies operating in India and to the broader development of the Indian economy.

The India Fund was established in 1994 and is managed by abrdn Asia Limited, an investment manager specializing in Asian markets.