Mutual fund (MF) schemes holding Altico Capital’s debt papers saw a 1-8 per cent dip in their net asset values (NAVs) on Friday, after the company was given ‘D’, or the default grade rating.
UTI MF, along with Reliance Nippon Life Asset Management (RNam), has 15 schemes exposed to the troubled developer financier, which defaulted on its interest obligations related to an external commercial borrowing on Thursday. According to sources, the sharp drop in the NAVs of these schemes is on account of the steep markdowns that fund houses are required to take when ...
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