Mumbai : Shares of asset management companies (AMC) gained 5-11% on Monday after the Reserve Bank of India opened a special liquidity facility of ₹50,000 crore for mutual funds to mitigate the economic impact of covid -19 and maintain financial stability.
Shares of Nippon Life India Asset Management Ltd gained 11.56% to ₹241.25 and HDFC Asset Management Company Ltd rose 4.67% to ₹2,538.70.
The central bank's announcement comes in the wake of Franklin Templeton Mutual Fund shutting down six of its debt mutual funds due to high redemption pressure, leading to panic among investors.
Special liquidity facility for mutual funds or SLF-MF is on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to