Poonawalla Fincorp hits 5% lower circuit for second day as MD resigns

Sebi on Wednesday barred Abhay Bhutada, the MD and CEO of Poonawalla Fincorp, and seven others from accessing the securities market for allegedly insider trading in shares of the company

Shares of Poonawalla Fincorp (formerly Magma Fincorp) were locked in the lower circuit for the second straight day, down 5 per cent at Rs 163.55 on the BSE on Friday, after resignation of Abhay Bhutada, managing director (MD) of the company. The stock of the non-banking finance company (NBFC) was down 10 per cent in the past two trading days. It had hit a 52-week high of Rs 199.65 on August 18, 2021.

Till 10:16 am, a combined 554,726 equity shares of the company had changed hands and there were pending sell orders for 3.27 million equity shares on the NSE