IIFL - 20%,  JM - 19%
Channel: Ketan Mali
Date: 06/03/2024

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The stock of JM Financial crashed 19 percent on March 6, a day after the Reserve Bank of India (RBI) imposed restrictions on the company on loan disbursements.

On March 5, the regulator barred JM Financial Products Ltd (JMFPL) from giving loans against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares, with immediate effect.

At 9.18am, the company’s shares were quoting Rs 79.7 on the NSE, lower by 16.5 percent, compared to the previous session’s closing price.
After careful and detailed review of the order issued by the RBI on the action against JM Financial Products, we strongly believe that there have been no material deficiencies in our loan sanctioning process. Further, the Company has not violated applicable regulations. We also wish to reaffirm that there have been no governance issues whatsoever and we conduct all our business and operational affairs in a bonafide manner,” said JM Financial in a statement.

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