 "il&fs, ifin")
The downgrade of IL&FS paper from double A plus to junk status in a matter of a few days has created a panic-like situation among debt fund managers and is making them take pre-emptive action against possible risks in their portfolios.
The debt schemes are also staring at redemption from large corporate investors; resulting in money managers shoring up cash levels through asset sales.
According to the head of fixed-income of a large-sized fund house, fund managers are concerned that the liquidity tightness created by the IL&FS crisis can have a wider impact.
“There is a systemic colour to this event.
