HDFC MF marks down of another 12% on exposure to IL&FS SPV

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HDFC MF, which has exposure to Hazaribagh Ranchi Expressway (HREL) in six of its schemes, has taken a markdown of another 12 per cent on its exposure to the IL&FS SPV.

The fund house in a note said, “despite having adequate cash, HREL has defaulted on its payment obligations triggering a further downgrade in the rating of NCDs to ‘IND D (SO)’ by India Ratings." After the additional markdown, the total markdown on the exposures stands at 37 per cent.

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