Tata Money Market Fund saw its net asset value dip as much as 5.94 per cent on October 29 after the fund wrote off the balance 50 per cent of its investment in the commercial paper of IL&FS which was to mature on October 29.
“Since we did not receive maturity proceeds on October 29, we have made 100 per cent provision against the IL&FS exposure,” says Murthy Nagarajan, head (fixed income), Tata Mutual Fund.
