I think you are referring to the PGIM India Fund which was formerly known as the DHFL Pramerica Fund. The reason was that the PGIM fund had large exposures to the Reliance ADA group and these were largely written back leading to the huge rise in a single day.

In fact, some debt funds of PGIM Mutual Fund rose by as much as 52% in a single day after the fund got back money from ADAG group company debt; backed by shares of Reliance Nippon Life Asset Management (RNAM). Consider the following:

a) PGIM Ultra Short Term Fund (AUM – Rs.41 crore) NAV up by 44.2% in 1 day

b) PGIM Short Maturity Fund (AUM – Rs.111 crore) NAV up by 52.11% in 1 day

c) PGIM low Duration Fund (AUM – Rs.176 crore) NAV up by 6.92% in 1 day

The reason was that the fund had initially marked down its bond holdings in ADAG group companies to 50% as is the requirement when the bonds are rated in default category. This allowed them a huge write-back when amount was repaid post the sale of stake. These largely pertained to the NCDs of Reliance Broadcast, where CARE had downgraded the rating of the bonds to “Default” grade.