Manappuram Finance shares in focus after RBI restrictions, multiple downgrades
Manappuram Finance are likely to remain in focus after the Reserve Bank of India (RBI) imposed restrictions on four NBFCs (including Manappuram) citing material supervisory concerns, following which, the stock earned multiple rating downgrades or target price cuts from various brokerage firms.
The Central Bank on October 17 announced this regulatory action against four NBFCs and NBFC-Micro Finance Institutions (NBFC-MFIs), citing material supervisory concerns. The RBI directed these entities to cease and desist from sanctioning and disbursing loans until further notice.
This will be effective from October 21, 2024.
The four mentioned entities are Asirvad Micro Finance (a subsidiary of Manappuram Finance), Arohan Financial Services, DMI Finance, and Navi Finserv.
Post the regulatory action, the stock of Manappuram attracted downgrades from various brokerages. Here is what they say:
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