New Delhi, Aug 20 (IANS) HDFC Securities customers on Thursday reported discrepancies in NAVs displayed on the InvestRight platform, with portfolio value of investors showing a decrease of up to 70 per cent.

"Mutual fund portfolio showed a loss of around 30 per cent, amounting to nearly Rs 1 lakh, despite the portfolio being in profit until Wednesday," an investor told IANS. The investor said one of the two mutual funds in the portfolio was showing a normal NAV, while the other displayed a decline of around 50 per cent.

Many customers reported the issue on social media platform X, with one user saying the NAV of their Nippon Multicap Fund had fallen by 70 per cent.

While another user reported that the NAV of Nippon India Small Cap Fund-Growth had suddenly fallen to 111.1869 from around 185, causing the portfolio to show a return of nearly minus 30 per cent.

The brokerage said that the issue that caused incorrect values to be displayed for certain mutual fund holdings on its InvestRight platform was due to erroneous NAV data received from its data service provider and had no impact on customers' actual investments.

Mangalam Ganesh, Chief Technology Officer, HDFC Securities, told IANS that the issue was reported on August 20 and affected the display of holding values for certain mutual funds.

“This was due to an issue with NAV (Net Asset Value) data from our data service provider. We have confirmed that this was a global issue at their end,” Ganesh added.

However, the issue was resolved by the data service provider at around 12:40 pm, according to her.

“We would like to reassure that there is no impact on the actual Mutual Funds holding of our customers and that this was only a display issue owing to incorrect NAV from the data service provider,” she said.

In addition, the brokerage's platform had earlier displayed a message on its platform saying it was working on the mutual fund NAV issue.

--IANS

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