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UTI’s
15 schemes take Rs 1,400-crore hit
Sanjay
Sardana
New Delhi, July 17: Unit Trust of India’s (UTI) problems
are not just confined to the US-64 scheme. As many as 15 other
equity-dedicated schemes of the country’s largest mutual fund
have seen value erosion of more than Rs 1,400 crore during
the past one year. The net asset value (NAV) of as many as
eight of these 15 schemes has gone below par.
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Dull
trading in US-64
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Our Markets Bureau
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Mumbai, July 17: While the market
buzzed with negotiated deals, the flagship scheme of UTI,
the US-64 experienced rather gloomy trading activity.
Its volume dropped sharply on Tuesday to 35,000 as against
1,02,222 units traded on the previous day.
US-64 prices moved in the narrow range with an intra-day
low of Rs 9.10 at the National Stock Exchange (NSE). The
average price on Tuesday was Rs 9.55 as against Rs 9.67
on Monday, both of which were below the par value. |
The biggest loser is the Mastergain scheme,
whose value has depreciated by over Rs 355.08 crore. Its NAV
has dropped from Rs 12.36 as on June 30, 00 to Rs 8.98 as
on June 22, 01 and, its unit capital has dropped from Rs 1,080
crore to Rs 1,050 crore.
Among the other schemes which have lost substantially during
the past one year and have large investor base include the
UTI Master Plus’91, Software, Master Index, Master Growth,
Nifty Index and the UTI Services Sector.
Each of these funds has seen an erosion of more than Rs 50
crore during the period under study.
Significantly, although there has been a consistent erosion
in the NAVs of these schemes, there has not been any large-scale
redemptions in these schemes.
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