After Amtek Auto crisis, some leading mutual funds are staring at potential risks from their over Rs 2,500-crore exposure to bonds issued by Jindal Steel & Power (JSPL), given the company's huge debt burden and downgrade in its ratings.
Franklin Templeton Mutual Fund is said to have exposure to the tune of over Rs 1,600 crore, while that of ICICI Prudential is estimated at nearly Rs 500 crore.
Among leading fund houses, Reliance Mutual Fund has an exposure of about Rs 49 crore to JSPL.
The shares of the company have been under tremendous pressure in the recent past, but the plunge has deepened further over the last couple of days following a credit rating downgrade by Crisil on Monday.
Earlier today, the BSE sought clarification from JSPL with regard to the reports about downgrade to below investment grade, to which the company was yet to respond.
