)
The assets under management (AUM) of India's mutual fund industry has dropped below the mark of 8 lakh crore - first time in last four months. It registered a month-on-month decline of 6.35% in July to Rs 7,60,833 crore - lowest since April this year.
Thanks to the across the board net outflows during the month that industry could not maintain its high AUM growth trajectory. It was in April, that the sector surpassed the 8 lakh crore mark and reached as high as to 8.68 lakh crore in May.
ALSO READ: MFs sweat to source gold for ETFs
Barring the Gilt funds, all other categories - be it income, money market funds, diversified equity funds, gold exchange-traded-funds (ETFs) or other ETFs, witnessed money flowing out.
What is worrisome is the fact that post May, 2013 - when industry had hit an all time high AUM, the overall assets have dipped over a lakh crore of about 14%.
