ICICI Prudential Mutual Fund and SBI Mutual Fund led the cash deployment, reducing their cash holdings by Rs 4,679 crore and Rs 3,407 crore, respectively. Quant Mutual Fund, Nippon India Mutual Fund and Axis Mutual Fund also deployed significant amounts, with cash reductions of Rs 1,609 crore, Rs 1,436 crore and Rs 1,036 crore, respectively. The trend, however, was not uniform across the industry. While 24 fund houses deployed cash during the month, an equal number of asset management companies (AMCs) increased their cash levels. However, the rise in cash holdings was significantly lower than the deployment.