DHFL-exposed MF schemes suffer 30-50% drop in NAVs, Icra data shows

Mutual fund exposure to DHFL debt paper was Rs 5,169 cr as on April-end; instruments have not yet been downgraded to 'default' or D grade

The mutual fund (MF) industry faces another round of markdowns following delay in interest payments by Dewan Housing Finance Corporation (DHFL). The firm was supposed to meet obligations amounting to Rs 960 crore on Tuesday.

On Tuesday, schemes with top exposures to DHFL debt paper saw a sharp fall in their net asset values (NAVs). The NAV of DHFL Pramerica medium-term fund (exposure 37 per cent) fell by 53 per cent on Tuesday, while that of its floating-rate fund (exposure of 32 per cent) was down 49 per cent. Among other schemes, the NAV of Tata corporate bond fund (exposure of