JP Morgan MF had a combined exposure of `200 crore in Amtek Auto's debt papers, which saw its credit ratings being withdrawn by a rating agency. Two of JP Morgan MF's debt schemes-
Short Term Income Fund and
India Treasury Fund
had to take a hit on their portfolios. These schemes had to partially writedown the value of their investments in these schemes.As a result of the partial writeoff, the NAVs of the two schemes reported a sharp cut in a day, very unusual in debt funds. The fund house reacted by imposing restrictions on redemptions by investors from the schemes.
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