BUSINESS

Poonawalla Fincorp Hits 5% Lower Circuit

Poonawalla Fincorp (formerly Magma Fincorp) shares were locked in the lower circuit for the second straight day, down 5 per cent at Rs 163.55 on the BSE on Friday, after the resignation of Abhay Bhutada, managing director (MD) of the company. The stock of the non-banking finance company (NBFC) was down 10 per cent in the past two trading days. It had hit a 52-week high of Rs 199.65 on August 18, 2021.

Till 10:16 am, a combined 554,726 equity shares of the company had changed hands, and there were pending sell orders for 3.27 million equity shares on the NSE and BSE, the data shows. In comparison, the S&P BSE Sensex was up 0.82 per cent at 59,626 points. Currently, Poonawalla Fincorp is trading under the T group on the BSE. In the T2T segment, each trade has to deliver, and no intra-day netting of positions is allowed.

The Securities and Exchange Board of India (Sebi) barred Abhay Bhutada, the MD and CEO of Poonawalla Fincorp and seven others from accessing the securities market for allegedly insider trading in shares of the company.

The Securities and Exchange Board of India (Sebi) on Wednesday barred Abhay Bhutada, the MD and CEO of Poonawalla Fincorp and seven others from accessing the securities market for allegedly insider trading in shares of the company.

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