India's 32 mutual fund houses saw an erosion of over Rs 32,200 crore (Rs 322 billion) in their total asset under management last month, with a weak stock market robbing off some shine from their over Rs 5 trillion portfolio.

The country's biggest fund house, Reliance [Get Quote] MF of Anil Ambani group, recorded a decline of Rs 2,208.99 crore (Rs 22.08 billion) in its AUM, but it was lower than the loss of Rs 3,233.12 crore (Rs 32.33 billion) posted by HSBC MF.

Reliance MF's closest rival ICICI [Get Quote] Prudential also saw a loss of Rs 1,309.15 crore (Rs 13.09 billion) in its AUM, while third-largest UTI MF recorded a gain of Rs 427 crore (Rs 4.27 billion).

According to latest data available at the Association of Mutual Funds in India (AMFI), the combined AUM of 32 fund house fell to Rs 5,24,505.45 crore (Rs 5.24 trillion) at the end of November, as compared to Rs 5,56,729.69 crore (Rs 5.56 billion) a month ago.

"The fall in the AUMs has been due to the maturity of Fixed Maturity Plans (FMPs) and investors have not pulled out from the equity schemes," mutual fund tracking firm Value Research CEO Dhirendra Kumar told PTI.

Reliance MF remains at the top in the industry with an AUM of Rs 77,764.84 crore (Rs 777.64 billion), followed by ICICI Prudential MF follows at the second position with an AUM of Rs 54,903.69 crore (Rs 549.03 billion) at November end.

Meanwhile, state-run UTI MF, witnessed an increase in its assets which stood at Rs 52,179.78 crore (Rs 521.79 billion) in November against Rs 51,752.65 crore (Rs 517.52 billion) in October, the data show.

Besides, HDFC [Get Quote] MF's AUM stood at Rs 46,751.86 crore (RS 467.51 billion) and Franklin Templeton with Rs 30,773.10 crore (Rs 307.73 billion) were ranked fourth and fifth largest funds houses in terms of the assets in November.