Manappuram Finance’s share price is in freefall today as the stock has tanked over 14% to hit an intraday low of ₹111.60.
What Happened: The steep fall comes as the Enforcement Directorate is carrying out searches at multiple premises linked to the company in Kerala. The central agency is also searching the headquarters and residence of the company’s promoter VP Nandakumar.
The agency is said to be investigating the company for alleged illegal collection of deposits of over ₹150 crore from the public without the Reserve Bank of India‘s approval. As per media reports a total of four premises of the company are being searched for evidence in the case. An email sent to the company for a response did not elicit any reply at the time of publishing.
Shares of the company had been trading since the morning but plunged sharply in the afternoon after the news of the raids made headlines.
Price Action: Manappuram Finance’s share price was down 12.61% to trade at ₹113.35.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.