Franklin MF marks down its entire Vodafone Idea investments to zero

Franklin Templeton Mutual Fund has marked down its entire investments to zero in all debt schemes that held the papers of Vodafone Idea after the Supreme Court refused to grant relief to telecom operators seeking breather on the adjusted gross revenue dues payout. This move by the fund house led to a fall in net asset value (NAV) of various debt schemes between 4% and 6% on Thursday.

Franklin Templeton MF, has investments of over Rs 2,050 crore in Vodafone Idea as on December 2019. The fund house has also limited fresh inflows into schemes holding debt instruments of Vodafone Idea. Schemes such as Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund and Franklin India Short Term Income Plan, among others, have invested in debt instruments issued by Vodafone.