- Last week, Franklin Templeton Mutual Fund shut down 6 of its open-ended debt funds, locking in ₹30,800 crore worth of investors funds
- The fund house citied severe market dislocation and illiquidity caused by the coronavirus and said that the decision has been taken in order to protect value for investors via a managed sale of the portfolio
- Multiple factors like weak global cues, no clarity over coronavirus cases in India and nervousness caused by Franklin Templeton Mutual Fund winding up 6 of its debt schemes led to benchmark indices closing in the red
- Nifty50 closed down 1.2% at 9,154.4 and Sensex closed down 0.8% at 31,327.2
- The India VIX continued its downward trend and came down to 39.1175 on Friday. It has dropped by 53.2% over the previous 1 month
- Foreign portfolio investors continued selling and have pulled out ₹6,822 crore out of equity markets so far this month. They have pulled out ₹54,852 crore from equity markets in 2020
Through the Looking Glass
The $5.7bn Facebook – Jio deal could change the face of retail and kirana stores in India and have other 2nd order effects. Sajith Pai of Blume Ventures explores the implications in a detailed blog post. Read it here.