Nvidia Corporation stock falls 13% in five days amid Jensen Huang controversy: Which equity mutual funds are exposed?

Nvidia Corporation's stock has fallen 13.19% over the last five days amid the controversy surrounding its CEO Jensen Huang, raising concerns for Indian mutual fund investors whose schemes hold the US-based chipmaker's shares.

According to Yahoo Finance data, Nvidia (NVDA) closed at $173.73, up 2.92%, on 11 November (at 4 PM EST). However, the stock is falling to around $161 in overnight trading, down 7.31%, following reports that Nvidia's board was preparing to meet to decide Huang's future. The stock has declined 24.23% in a month and 10.06% over the last 1-year.

According to Reuters, Nvidia's board was preparing to meet to consider removing Huang. The controversy involves his alleged relationship with Alice Huang, who has reportedly been linked to suspected Chinese intelligence activity, and a second alleged relationship with Kimberly Powell, Nvidia's vice president of healthcare.

This development has implications for equity funds holding Nvidia shares, as a fall in the stock's price can affect their portfolio value and returns.

Five passive funds have significant exposure to Nvidia through international indices such as the Nasdaq 100, S&P 500, and NYSE FANG+.

Source: Value Research. Data as of 31 October 2026; NA – Not available; September holdings are shown where October data is unavailable.

These ETFs and index funds follow a passive investment strategy and track their respective indices. Since Nvidia is a constituent of these indices, the schemes hold its shares in line with the index composition. Fund managers cannot independently decide to remove or increase Nvidia exposure without considering the index methodology.

The impact depends on the scheme's allocation to Nvidia. For instance, a 1% fall in Nvidia's share price could reduce the portfolio value of Mirae Asset S&P 500 Top 50 ETF by approximately 0.13%, given its 13.08% exposure.

Motilal Oswal Nasdaq 100 ETF marginally increased its Nvidia holding to 5,48,271 shares in October from 5,48,267 in September. In contrast, Motilal Oswal S&P 500 Index Fund reduced its holding to 1,74,452 shares in October.

Source: Value Research. Data as of 31 October 2026. NA – Not available; September holdings are shown where October data is unavailable.

Several actively managed mutual funds also have exposure to Nvidia. These include international equity funds, technology funds, and diversified equity schemes. Unlike passive funds, their fund managers have the flexibility to decide whether to continue holding Nvidia or sell it.

ABSL International Equity Fund increased its Nvidia holding to 8,600 shares in October from 7,700 in September, after reducing it from 8,500 in August. DSP Multi Asset Allocation Fund increased its holding from 69,609 shares in August to 80,200 in September and maintained it in October.

Edelweiss Technology, Axis Innovation, ICICI Pru US Bluechip and Axis Large & Mid Cap funds kept their holdings unchanged across all three months.

A 1% decline in Nvidia's share price could translate into an approximately 0.0491% decline in the portfolio value of ABSL International Equity Fund, which has a 4.91% allocation to the stock.

According to a Wall Street Journal report, the controversy intensified in late October and November 2026.

• October 29-November 1: Media reports raised questions about Alice Huang's alleged links to Chinese intelligence and her relationship with Jensen Huang. Nvidia defended its CEO's business interactions.
• November 8: Huang acknowledged an extramarital relationship. Nvidia's board began investigating whether company information had been compromised.
• November 9: US President Donald Trump said he had spoken to Huang and believed his explanation that he did not know the woman was allegedly a spy.
• November 10: Second alleged extramarital relationship involving Kimberly Powell, Nvidia's vice president of healthcare, who reportedly worked under Huang.
• November 11: The board is preparing to meet to consider Huang's future.

Sheetal Goel is a Content Producer at Livemint, where she covers corporate developments, personal finance, business trends, markets, and SEBI-related updates. She focuses on simplifying complex financial concepts and presenting them in a clear, reader-friendly manner, thereby helping audiences better understand investment trends, personal finance, and market developments. Her writing focuses on making finance more accessible to everyday readers while maintaining clarity, accuracy, and relevance. <br><br> She holds a degree in Economics (Hons.) along with an MBA in Finance, which has helped her develop a strong foundation in financial analysis, market understanding, and business reporting. Before joining journalism, she worked with finance and broking firms, where she closely followed market developments, investment strategies, and evolving industry trends. This practical exposure strengthened her understanding of financial markets. She has also written content across multiple formats and platforms, including YouTube, LinkedIn, and Instagram. <br><br> Over time, she has developed expertise in covering market-linked stories, investor-focused topics, and regulatory updates in a simplified yet informative style. She also enjoys reading and listening to Hindi poetry, reflecting her appreciation for literature and creative expression beyond the world of markets and numbers.

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HomeMoneyPersonal FinanceNvidia Corporation stock falls 13% in five days amid Jensen Huang controversy: Which equity mutual funds are exposed?

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