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What does NAV mean?

NAV (Net Asset Value), is the sum total of the market value of all the shares held in a portfolio, including cash, less the liabilities, divided by the total number of units outstanding. Thus, the NAV of a mutual fund unit is nothing but the 'book value' of a unit.

The formula of NAV = (Assets - Liabilities)/Number of outstanding shares

To learn more about the implications of NAV on direct plans and regular plans of a certain fund, check out this post on TradingQnA.