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The top 10 holdings of equity MFs were not spared in the ongoing market carnage. Barring ITC, all other stocks with highest exposure have seen a drop in their stock prices between 4% and 9% this month. The top 10 stocks account for nearly a fifth of the total equity assets under management (AUM). The correction has weighed on the net asset values (NAVs) of most MF schemes. Mortgage firm HDFC has declined the most this month, followed by Reliance Industries. These two accounted for Rs 255 billion of equity MF AUM as of December 2017. Kotak Mahindra Bank and HDFC Bank, too, have seen their stock prices erode by nearly 7% each. In comparison, the Sensex is down 5.2% this month. ITC and Infosys are the only two stocks in the top 10 that have managed to outperform the market this month.