Gold loan companies extends fall, Manappuram Finance at 44-month low
Manappuram Finance and Muthoot Finance has tanked over 20% in past two trading sessions on BSE.
Shares of companies engaged in gold loan business like Muthoot Finance and Manappuram Finance have extended their yesterday’s fall and trading lower by up to 10% after the sharp slide in gold prices.
Manappuram Finance is locked in maximum lower circuit of 10% for a second consecutive day at Rs 15.70 on BSE. The stock is currently trading at its lowest level since August 2009.
A combined 1.69 million shares have already changed hands and there are pending sell orders for a combined 1.29 million shares on BSE and NSE at 10.10 hours.
Muthoot Finance has tanked 8% to Rs 121, extending its Monday’s 13% fall on the BSE. The stock opened at Rs 124 and touched low of Rs 116 so far.
The price of gold bullion tumbled 9% in heavy trade yesterday, and shed more than $125 per ounce in its biggest-ever daily loss.
India's gold imports have fallen nearly 24% in the first quarter and probably dropped at the same pace in April, the head of a major trade body said on Monday, as importers sit on stocks bought before global prices slumped towards two-year lows.
Analyst at Nirmal Bang expects the prices of precious metals to remain under pressure as major sell-off across the commodities board is expected to further pressurize prices.
Manappuram Finance is locked in maximum lower circuit of 10% for a second consecutive day at Rs 15.70 on BSE. The stock is currently trading at its lowest level since August 2009.
A combined 1.69 million shares have already changed hands and there are pending sell orders for a combined 1.29 million shares on BSE and NSE at 10.10 hours.
Muthoot Finance has tanked 8% to Rs 121, extending its Monday’s 13% fall on the BSE. The stock opened at Rs 124 and touched low of Rs 116 so far.
The price of gold bullion tumbled 9% in heavy trade yesterday, and shed more than $125 per ounce in its biggest-ever daily loss.
India's gold imports have fallen nearly 24% in the first quarter and probably dropped at the same pace in April, the head of a major trade body said on Monday, as importers sit on stocks bought before global prices slumped towards two-year lows.
Analyst at Nirmal Bang expects the prices of precious metals to remain under pressure as major sell-off across the commodities board is expected to further pressurize prices.