Uti Holding In K-10 Scrips Fell 30-90%

All of Unit Trust of India's (UTI) investments in K-10 scrips depreciated between 30 per cent and 90 per cent compared to their acquisition cost in the aftermath of the stock market crash.

UTI has, for the first time, revealed the cost of acquisition of shares in these companies.

The mutual fund major, in its written answers to the queries posed by the members of the Joint Parliamentary Committee (JPC) probing the stock market scam, has spelt out its cost of acquisition in K-10 scrips, its holding and the market value as on June 29, 2001.

According to UTI, the sharpest erosion in value has been in Himachal Futuristic Communication Ltd (HFCL), where the fund held 99,26,014 shares as on June 29. While the cost of acquisition of HFCL shares stood at Rs 1,050.70 crore, the market value as on June 29 had plummeted by over 91 per cent to Rs 87.94 crore.

The value of UTI's holdings in DSQ Software, Pentamedia Graphics, Silverline Technologies, SSI Ltd and Global Tele-Systems also fell sharply by over 80 per cent compared to the cost of acquisition. While UTI's value of Global Tele holding depreciated by Rs 383.49 crore or 81 per cent as on June 29, that of Satyam Computer dropped by almost Rs 600 crore (acquisition cost Rs 967 crore).