Mutual funds lost over Rs 5,800 crore on Thursday after UltraTech Cement Ltd. announced its foray into the cables and wires business.As companies into the cables and wire manufacturing space fell in trade, mutual fund houses that held a significant exposure to these companies saw the value of their assets fall notably.Key players in the cable and wire space recorded a double-digit fall, with Kei Industries Ltd. posting the sharpest decline of the pack. With over 20% fall during intraday trades, the company has wiped out Rs 11,000 crore in investor wealth.This has translated into a fall of over Rs 600 crore for HSBC Mutual Fund, even though the value of stocks in the space only represented 1.6% of the total value of assets held by the AMC.Motilal Oswal had the highest share of its assets held in the companies in the cables and wires space, losing over Rs 560 crore as stocks tumbled. The stocks that tumbled accounted for 3.24% of the assets held by the fund house.PGIM India Mutual Fund also closely followed, with these stocks accounting for about 2.15% of their assets under management. Despite the large holding, the fund house's loss stand relatively lower at Rs 69.13 crore.With UltraTech and cable stocks contributing 1.69% of assets under management, Canara Robeco Mutual Fund lost about Rs 218.3 crore.Now, HSBC Mutual Fund has lost the most due to the tumble. Losing Rs 661.7 crore, the fund house's holding of these stocks were 1.67%. In this case, HSBC MF lost the most despite the fact that it only holds less than 2% of these shares in its assets under management.It's important to note that this is where the total assets under management of the fund house comes in. If the AUM of the fund house is relatively large, then a higher percentage of holdings may not translate to significant loss.KEI Industries, Polycab, Havells Share Prices Go Haywire After UltraTech's Cables Entry PlanBajaj Finserv Mutual Fund has these stocks accounting for 1.55% of the assets under management. The loss that the mutual fund house took stands at Rs 17.36 crore. While the total loss stands at Rs 5,800 crore, mutual fund houses like PPFAS and Shriram saw no loss due to the fall as they had no exposure to these stocks. Stock Market Live: Nifty Holds Above 22,500, Sensex Flat; HDFC Bank, Bajaj Finance, Shriram Finance Gains. Read more on Markets by NDTV Profit.