Individual MF plans have small PNB stakes, investors need not worry

Punjab National Bank (PNB), whose share price has fallen 21 per cent in the last couple of days triggered by the Rs 11,300 crore fraud, is part of the equity portfolios of 117 mutual fund schemes. These equity-oriented schemes together hold PNB shares worth Rs 3,980 crore, according to Value Research. Some popular schemes of HDFC Mutual Fund held shares worth Rs 1,800 crore as on January 31, 2018 which account for 1-2 per cent of the portfolio for individual schemes. The stock accounts for 2-4 per cent of the portfolio of a couple of schemes of Reliance MF. “This event has caught fund managers off guard. They will take corrective action. However investors need not worry as the stock has a small weightage in portfolio of individual schemes,” said Kaustubh Belapurkar, director (fund research), Morningstar India.