Mumbai, Jul 8 (IANS): Likely profit booking led to a plunge of over 95 per cent in net investments into equity mutual funds schemes in June, compared to May.

The net inflows only stood at Rs 240.55 crore in June, as against Rs 5,256.52 crore in May.

The month-on-month slump comes on the back of likely profit booking.

According to the data from the Association of Mutual Funds in India, monthly SIP contribution was down to Rs 7,927.11 crore in June from Rs 8,123.03 crore in May.

However, total assets under management of the mutual fund rose to Rs 25.48 lakh crore in June 2020 as compared to Rs 24.54 lakh crore in May 2020.

On the June 2020 Mutual Fund Monthly data, N.S. Venkatesh, Chief Executive, AMFI said: "Reducing Interest rates, gradual unlocking of economic activity with expected return to normalcy has seen renewed buoyancy in markets leading to Mutual Fund AUMs crossing Rs 25L crore mark for the first in the last three months of this fiscal, FY2020-21.

"With monthly SIP contribution at INR 7,927.11 crores, Mutual Fund SIP investors may have opted for pause facility and we should see SIP contribution surging in Q4CY20."