HDFC MF provides liquidity to FMP investors; stock tanks 7%

Shares of HDFC Asset Management Company (AMC) slipped 7 per cent to Rs 1,802 on the BSE in the early morning deals on Tuesday after the company said it has offered exits to investors of some fixed-maturity plans (FMPs) by transferring Rs 500 crore worth of their exposures to Essel group firms on to its own books. This liquidity arrangement would be applicable for FMPs that matured in April or will be maturing as long as the 'standstill' agreement with Essel group firms is in force. The company said such liquidity arrangement is in the larger long term interest of the compan.....
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