J M Basic, a petrochemical sector fund, has shrunk by 98.54 per cent in three months following redemption of Rs 1030 crore ever since the scheme went open-ended in November 2000.
The twin factors of large scale redemption and dividend payout have brought down the net assets of the fund from Rs 1,045 crore in January to Rs 15 crore in March.
According to Krishnamurthy Vijayan, chief executive officer, J M Capital: