The net asset value (NAV) of Quant Mutual Fund’s schemes fell up to 3% on Thursday due to their exposure to Adani Group stocks, which took a heavy beating on Dalal Street, due to bribery charges in a US district court.
Shares of Adani Group companies fell up to 23% on Thursday, with the group’s market capitalisation declining by Rs 2.26 lakh crore in a day.
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Sandeep Tandon’s quant MF has the highest exposure to Adani Group companies through active schemes among major mutual fund houses. According to reports, it has an exposure of nearly Rs 5,000 crore in Adani group companies.
This is not the first time that the fund house has come under the radar for its exposure in Adani Group stocks. It had completely exited its investments in the group post-Hindenburg row in 2023 when the conglomerate’s stocks suffered heavy losses.
However, the fund house bought shares of some Adani Group companies again in the last couple of months.
Quant Flexi Cap Fund, which holds 5.92% of its assets under management (AUM) in Adani Power and 3.97% in Adani Enterprises, was the worst hit as its NAV fell 2.9%. Similarly, the NAVs of quant Mid Cap Fund, quant Smallcap Fund, quant Active Fund and quant ELSS Tax Saver Fund fell 1.3-2.3%.
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Among other active funds, the NAVs of Nippon India Small Cap Fund, Parag Parikh Flexi Cap Fund, and HDFC Mid-Cap Opportunities Fund declined on Thursday due to the sell-off in Adani Group stocks.
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