Piramal Enterprises slips 9% to hit 52-week low; stock slumps 11% in 2 days

In the past two days, the stock slipped 11 per cent after the RBI directed M&M Financial Services to immediately cease any recovery or repossession activities via an outsource till further orders.

Shares of Piramal Enterprises hit 52-week low of Rs 869.40, as they slipped 9 per cent in Monday’s intra-day trade. The stock of financial services company fell below its previous low of Rs 900.70, that it had touched on June 20, 2022, data shows.

In the past two trading days, the market price of Piramal Enterprises tanked 11 per cent after the Reserve Bank of India (RBI) directed Mahindra & Mahindra (M&M) Financial Services to cease any recovery or repossession activities via an outsource till further orders.

"The action is based on certain material supervisory concerns observed in