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Manappuram Finance stock falls 13.5%
Business Standard
|October 19, 2024
Shares of Manappuram Finance fell 13.5 per cent to ₹153.45 apiece on Friday, a day after its subsidiary Asirvad Micro Finance was barred by the Reserve Bank of India (RBI) from sanctioning and disbursing loans.
Asirvad can continue to service its existing customers and carry out its collection and recovery processes, the RBI will review this ban after the company takes corrective measures to fully comply with regulatory guidelines, particularly regarding its pricing policies, risk management, customer service, and grievance handling.
This story is from the October 19, 2024 edition of Business Standard.
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