Chennai, Aug 9 (IANS): The month-on-month net inflows for equity mutual funds came down by 42.6 per cent to Rs 8,898.25 crore in July 2022, as per the figures released by the Association of Mutual Funds in India (AMFI).

The total net inflow for the mutual fund industry as a whole last month was Rs 23,604.92 crore as against a net outflow of Rs 69,852.94 crore in June 2022, said AMFI.

According to AMFI, the net inflows for equity mutual funds last month was Rs 8,898.25 crore down from Rs 15,497.76 crore logged in June 2022.

As on July 31, the average net asset under management (AUM) of the industry was Rs 37,74,802.90 crore as against a figure of Rs 35,64,090.20 crore as on June 30.

"July seems to be month where investors has taken some profits off as markets went up, the net sales in equity has plummeted to Rs 8,898 crore Vs. Rs 15,497 crore, momentum was coming down all through last few months as the markets were correcting but July was a steep fall and excluding SIP numbers, we might have witnessed actual net negative sales in July," Akhil Chaturvedi, Chief Business Officer, Motilal Oswal AMC, said.

According to him, even the hybrid category has slowed down with both dip on gross sales and higher redemptions.

"We are seeing markets recovering and FII returning although early days to say that this trend will be consistent but if it is then I hope for the retail investors confidence return once again," Chaturvedi added.