INSUBCONTINENT EXCLUSIVE:
Mumbai: 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
on October 29, the fund had an exposure of Rs 24.83 crore to ILFS, which constituted 6 per cent of the assets under management of Rs 430
Earlier on September 17, when the rating of ILFS was first downgraded to D, the scheme had marked down 50 per cent of the instrument.
Money
market funds invest in instruments having a maturity up to a year
This includes assets such as commercial papers and certificates of deposit.
