On 9 March, Franklin Templeton Mutual Fund marked down its exposure to various Reliance ADAG and Essel Group companies by around 90%. The fund house holds debt issued by these companies across various debt schemes, secured by shares in group companies. The mark downs resulted in sharp drops in the Net Asset Value (NAV) of various Franklin Templeton schemes ranging from -0.36% in Franklin India Income Opportunities Fund to -3.27% in Franklin India Low Duration Fund. According to a note released by the fund house, this was due to a fall in the value of shares given as collateral against this debt. The mark downs are sharper than those taken by independent valuation agencies.