Religare shares crash on lingering concerns

Hit 52-week low of Rs 102.35, 40% fall since results

The Shares of Religare Enterprises fell 20% on Tuesday on heavy volumes. At Tuesday’s close of Rs 102.35 on the BSE, the shares had halved from their value three months ago. Over three million shares were traded on the bourses. 

Billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh directly and through holding companies RHC Holding and RHC Finance own 50.89% in Religare. About 87.8% of this holding has been pledged with lenders. The steep fall in prices could put pressure on lenders holding these shares. 

A Religare spokesperson said, “Please note that no lenders have sold or are selling