Manappuram Finance’s stock crashed today
MANAPPURAM SHARE PRICE : 154.3 (-12.99%)
Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund-based and fee-based services including gold loans, money exchange facilities, etc.
Today 18 oct 2024: Manappuram Finance stock crashed today hit lower circuit today twice first 10 % and then 5% but after some time share price stabled but closed at Rs.154.3 (12.99%).
Why did Manappuram Finance’s share price crash today?
Asirvad Micro Finance, a subsidiary of Manappuram Finance, was prohibited by the Reserve Bank of India (RBI) from issuing new loans due to concerns regarding its pricing policy and interest rates. This decision has had a considerable impact on Manappuram Finance’s share price. RBI also put restrictions on some of the NBFC companies as well.
Asirvad Micro Finance used to give microfinance loans to lower-income women, the microfinance segment contributed nearly 27% to Manappuram Finance’s total revenue.
Brokerages view on Manappuram Finance
Some of the brokerages like Jefferies, Morgan Stanley, and JP Morgan, downgraded Manappuram’s finance.