Manappuram Finance to discuss on investment proposals; stock rebounds 7%

The stock moved higher to Rs 121, up 4%, bouncing back 7% from its intra-day low of Rs 113 on the National Stock Exchange.

Manappuram Finance has moved higher to Rs 121, up 4%, bouncing back 7% from its intra-day low on the National Stock Exchange (NSE) after the company said it called a board meeting in next week to discuss on investment proposals. 

The stock hit a low of Rs 113 in early morning trade before the announcement.

“The board meeting of directors of the company will be meeting on Tuesday, January 23, 2018 at 11.00 a.m at Mumbai interalia to discuss on investment proposals,” Manappuram Finance said in a regulatory filing.

Last month in one week between December 14, 2017 and December 21, the stock had rallied 19% from Rs 100 to Rs 119 after the media reported suggested that the company's promoter, V.P. Nandakumar, is looking to sell his stake in the company or is on the verge of doing so.

On December 22, the stock closed at Rs 117, fallen 6% from its intra-day high of Rs 124 after Manappuram Finance clarified that there is no truth in recent stories of a speculative nature appearing in the media to the effect that the company’s promoter is looking to sell his stake in the company or is on the verge to doing so.

“This statement is being release in specific context of a news report telecast by the television channel on December 21, 2017 mentioning HDFC Bank, Edelweiss and IDFC Bank as being in the fray to acquire the company,” Manappuram Finance said.