Piramal Enterprises drops 5% to reach near 52 week low

26 Sep 2022 , 01:28 PM

The price of Piramal Enterprises’ shares fell 9% during the day on Monday, reaching a 52-week low of Rs869.40. According to statistics, the price of the financial services company’s shares dropped below the Rs 900.70 low it had previously reached on June 20, 2022.

After the Reserve Bank of India (RBI) ordered Mahindra & Mahindra (M&M) Financial Services to stop all recovery or repossession efforts via outsourcing until further orders, Piramal Enterprises’ market price fell 11% over the course of the previous two trading days.

At 11:47 am, shares of Piramal Enterprises traded 6% lower at Rs895 than the S&P BSE Sensex, which fell 1.6%. After its pharmaceutical business was demerged, Piramal Enterprises became an NBFC with a presence in both retail and wholesale lending with assets under management (AUM) of Rs64,590 crore. The company’s goal for the next five years is to grow both its physical retail lending business and its presence across 1,000 locations (with 500—600 branches) across India.

For feedback and suggestions, write to us at [e-mail]