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7 Mid-Cap Stocks That Became Large-Cap as per AMFI’s New List

Written by - Rudri Rawell

January 5, 2023 4 minutes

The Association of Mutual Funds of India (AMFI) recently released a fresh list of stocks classified into large, mid and small caps as per their market capitalization. This new list is based on the average market capitalization of stocks over the last six months from 1 July 2022 to 30 December 2022. 

Here are all the important details. Take a look at the stocks that entered the list afresh, which moved from small to mid-cap and which mid-caps are now large-caps. Investors, especially those investing in mutual funds must go through this in detail.

Which fast-growth mid-caps migrated to large-cap?

The market cap cut-off for mid-cap category was set at Rs. 16,800 crores. As per the AMFI rejig, here are the mid-cap stocks that entered into large-cap category:

  1. Varun Beverages, 
  2. ABB India, 
  3. Page Industries,  
  4. Tata Elxsi,
  5. Bosch
  6. Trent, 
  7. PI Industries

Which large-cap stocks were downgraded to mid-cap?

The market cap cut-off for large-cap category was set at Rs. 48,900 crores. Accordingly, some large-cap companies were downgraded by AMFI and moved into the mid-cap category. These were:

1Muthoot Finance
2Paytm’s parent company One 97 Communications
3Bandhan Bank
5Gland Pharma
6Piramal Enterprises

Which mid-cap companies are now small-cap?

Some of the mid-cap companies that were reclassified as small-cap include:

1.AAVAS Financiers
2.ICICI Securities
3.The New India Assurance Co
4.Godrej Industries
5.National Alluminium Co
6.Indian Energy Exchange
7. Chambal Fertilisers & Chem
8.TANLA Platforms

Category-wise contribution to overall market capitalisation

The contribution of top 100 large-cap stocks to the overall market capitalisation was 69.4% in the 6-month period ending Dec’22 versus 69.2% in July’22 review by AMFI. 

Mid-cap contributed a tad better at 16% against 16.5% in AMFI’s previous review.

At 14.6% small-cap stocks contributed far better to the overall market cap versus only 14.3% in the July review. 

Almost 74% of the recently listed stocks entered AMFI’s small-caps category as per the new list of stock categorisation.

From the 43 IPOs launched in the period between July’22 to December’22:

  1. 32 stocks entered the small-cap segment, 
  2. 7 stocks were mid-cap, and 
  3. 4 were categorised as large-cap stocks

Why does AMFI revise market capitalisation categories?

As per an Oct’17 SEBI circular, all listed stocks must mandatorily be categorised into different baskets of large cap, mid-cap and small-cap stocks. This is mainly to ensure uniformity across the investment universe, especially for equity mutual funds. As per SEBI guidelines, AMFI in partnership with the stock exchanges, comes up with a list of stocks classified into different categories as per their market capitalisation. 

AMFI’s stock re-categorisation does not directly result in any fresh inflows or outflows for mutual funds. For any actively managed equity mutual fund, the fund manager is responsible for adding or removing or modifying weightages of stocks in the portfolio. 

Stocks that have moved up from a lower market-cap categorization to a higher one will start getting more visibility among mutual fund schemes. Fund managers generally analyze such stocks and may consider adding them to the portfolio as per their analysis and scheme objective.


After AMFI’s announcement, mutual funds will likely recalibrate scheme portfolios. Especially for equity oriented schemes, the market cap classification plays a crucial role and these will have to re-align the portfolio at the earliest. Therefore, mutual fund investors must carefully go through the portfolio composition changes to better understand scheme returns.


1. What is AMFI’s role?

AMFI or Association of Mutual Funds is a statutory body that sets out standards of good practices for Asset Management Companies or AMCs. AMCs must follow these rules in their operations and dealings with investors and other stakeholders.

2. Is AMFI a regulator?

AMFI, ( Association of Mutual Funds in India) is a self-regulatory body that was formed in 1995 by a group of mutual fund houses and asset management companies (AMCs) in India.

3. Who controls AMFI?

AMFI is an association formed by SEBI registered mutual funds. Therefore, it comes under the governance of SEBI or Securities and Exchange Board of India.

4. Do mutual funds affect stock prices?

Since mutual fund houses buy and sell stocks in bulk on stock exchanges, they may have an impact on stock prices.

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