 "Anil Ambani")
The ratings downgrade of Anil Ambani group firm Reliance Business Broadcast News Holdings (RBBNH, which owns Business Broadcast News) has led to a steep drop in the net asset values (NAVs) of mutual fund (MF) schemes with concentrated exposure to its debt papers.
Two of PGIM India’s funds saw a 21-30 per cent drop in NAVs on Friday, following the downgrade. As of end-August, 23 schemes had Rs 583 crore of exposure to RBBNH’s debt papers, data sourced from Rupeevest showed.
Among individual schemes, PGIM India Ultra Short-Term Fund that has 100 per cent exposure to RBBNH’s debt paper saw a 30
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