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Poonawala Fincorp surges 13% after a 15% decline in past four trading days

Motilal Oswal Financial Services recently initiated coverage on Poonawalla Fincorp with a 'buy' rating and a target price of Rs 350 per share

NBFC, finance, banking
premium

SI Reporter Mumbai
Shares of Poonawala Fincorp moved 13 per cent higher to Rs 277.50 on the BSE in Monday’s intra-day trade due to a nearly two-fold jump in the average trading volumes. In comparison, the S&P BSE Sensex was up 1.08 per cent at 60,489. 

A combined 6.8 million shares of the company had changed hands on the NSE and BSE till 01:29 PM. The stock had hit a record high of Rs 344 on April 13, 2022.

Poonawalla Fincorp (formerly Magma Fincorp) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC).

Consequent to