Manappuram Finance shares plummeted 18%, reaching an intra-day low of Rs 145.42, following strict action by the Reserve Bank of India (RBI) against its subsidiary, Asirvad Microfinance.
The RBI also targeted three other NBFCs – Arohan Financial Services, DMI Finance, and Navi Finserv – ordering them to stop loan disbursals from October 21, 2024. These firms were found to be charging excessively high prices and not complying with regulatory guidelines, particularly related to their lending rates. The move signals the RBI's tightening grip on the NBFC sector.