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Stocks of frontline NBFCs such as Bajaj Finance, LIC Housing, M&M Finance, and Cholamandalam Investment have lost 9-12 per cent, as a result of the targeted long-term repo operations (TLTRO) not meeting expectations.
Given that these are NBFCs backed by strong promoters, it reflects the extent of pressure mounting for the sector. Even HDFC wasn’t spared, falling 5 per cent on Friday.
While the first TLTRO worth Rs 25,000 crore launched for well-rated firms was subscribed 4.56x, TLTRO 2.0 of Rs 25,000 crore earmarked for NBFCs was
