Financials tumble as RBI extends moratorium; SBI, Bajaj Fin hit 52-wk low

The RBI has extended moratorium period by another three months till August 31, 2020.

Shares of financials including banks, housing finance companies, non-banking finance companies (NBFCs) and microfinance institutions (MFIs) were under pressure, falling up to 8 per cent after the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) at its meeting held today decided to extend moratorium period by another three months till August 31, 2020.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020. This makes it a total of six months moratorium on loan EMIs (equated monthly installment) starting from March 1, 2020. Accordingly,