Financials tumble as RBI extends moratorium


Published On: Friday, May 22, 2020 | By:

Financials tumble as RBI extends moratorium

Shares of financials including banks, housing finance companies, non-banking finance companies (NBFCs) and microfinance institutions (MFIs) were under pressure, falling up to 8 percent after the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) at its meeting held today decided to extend moratorium period by another three months till August 31, 2020. AU Small Finance Bank was locked in the 5 percent lower circuit band at Rs 399.95 on the BSE at 10:56 am. Bajaj Finance declined 5.6 percent to hit a 52-week low of Rs 1,876.25, while SBI tumbled 1.5 percent to hit a 52-week low of Rs 149.55. Furthermore, Union Bank of India, Power Finance Corporation, and Mahindra & Mahindra Financial Services, too, hit their respective 52-week lows in intra-day trade today.

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