Mutual fund industry's asset base has fallen by nearly Rs 66,000 crore to Rs 22.6 lakh crore at the end of May, primarily on account of outflow from income and liquid schemes.
The assets under management (AUM) of the MF industry, comprising 42 players, were at Rs 23.25 lakh crore in April-end, according to the latest update with Association of Mutual Funds in India (Amfi).
Overall, investors withdrew a net Rs 50,000 crore in MF schemes last month as compared to a net infusion of Rs 1.4 lakh crore in April.
In March, redemptions of Rs 50,752 crore were seen due to new tax on long-term equity gains.
Industry insiders attributed the drop in assets base to pull outs from income and liquid or money market categories
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