Manappuram Finance shares fell 1.5% to ₹198.89 on the NSE as of 9:21 AM, following a report by Moneycontrol indicating that the planned listing of its subsidiary, Asirvad Micro Finance, may be deferred due to unfavourable market conditions. The stock opened at ₹201.00, reached a high of ₹201.50, and saw a low of ₹194.00 during early trading.
Asirvad Micro Finance was expected to enter the capital market by the end of September, but sources close to the matter have revealed that Manappuram Finance may delay the IPO in response to the ongoing challenges facing the microfinance industry.
The deferral of the IPO has contributed to the negative sentiment around Manappuram’s stock, leading to today’s decline.
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Asirvad Micro Finance