Reliance Mutual Fund's investment in AT-1 bonds became worthless after Yes Bank was declared insolvent in 2020.Incidentally, earlier this month, the Supreme Court set aside Yes Bank's write-off of Rs 84 billion in AT-1 bonds, dealing a blow to the lender but providing relief to bondholders. Nippon Life AMC said any money recovered following the court ruling would go to investors in the relevant mutual fund schemes and would not affect the company's financial results.The one-time settlement charge weighed on the asset manager's September-quarter earnings, with net profit falling nearly 6% to Rs 3.24 billion.Nippon Life AMC's quarterly average assets under management rose 20% to Rs 7.87 trillion during the quarter, driven by continued inflows from domestic retail investors.
Its operating profit rose 25% to Rs 5.23 billion.- Ends