The worst in the pack has been IL&FS Growth & Value Fund and ING Growth Portfolio.

A study of the absolute returns of 22-odd MFs shows a negative growth in the first seven days to March 7, over that of the week ending to February 28.

Though the Union finance minister had announced a number of sops to boost the mutual fund industry, the fall in the capital market eroded the advantage it gained from the budget proposals. While the mutual fund industry has been hit, the worst affected are those with a tech stock heavy portfolio.

The absolute returns show a negative growth of between 2.70 and 18.47, with Zurich India Top 200 Fund being the least affected and ING Growth Portfolio the worst.

In fact, considering a benchmark of 4.71 per cent and 4.51 per cent decline of the BSE Sensex and S&P CNX Nifty 50 respectively, the decline in absolute returns of IL&FS and ING is significant.

According to the January update of ING Growth Portfolio (open-ended equity fund), the mutual fund had invested in Wipro Ltd, Infosys, Satyam Computer, Zee Telefilms, Himachal Futuristic and Global Tele among others. Out of the 15-odd stocks in ING's portfolio, 13 are tech stocks.

According to figures compiled by SKP Securities Ltd, ING Growth Portfolio and IL&FS Growth & Value Funds are the worst hit with negative absolute returns of 18.47 and 10.16 respectively.

IL&FS Growth & Value Fund, as on January 31, had 30-odd scrips in its portfolio with 11-odd tech stocks of which the highest exposure is in Satyam Computer.

ING and IL&FS are followed by Alliance Equity Fund and Sun F&C Value Equity Fund with negative absolute returns of 7.72 and 7.48 respectively.