HDFC MF takes additional 13% haircut on exposure to IL&FS group's SPV

HDFC Mutual Fund has taken an additional 13 per cent haircut on its exposure to IL&FS group's  special purpose vehicle, the  Hazaribagh Ranchi Expressway.

The total markdown now stands at 50 per cent, in line with  guidelines laid down by Amfi for below-investment grade papers. These guidelines were drawn after Sebi stated that MFs should follow uniform valuation methodology for papers downgraded to below-investment grade.