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NBFC shares in focus; surge up to 16%

Press Trust of India  |  Mumbai 

Shares of companies surged up to 16 per cent Wednesday after SBI decided to buy their assets to the tune of Rs 45,000 crore.

The scrip of climbed 16.08 per cent, Shriram Transport Finance 13.18 per cent, Edelweiss Financial Services 9.99 per cent, 9.91 per cent, Financial Services 9.79 per cent and 9.76 per cent on BSE.

Coming to the rescue of cash-strapped NBFCs, decided to buy their assets to the tune of Rs 45,000 crore, a move that will provide liquidity support to companies facing headwinds after a series of loan defaults by IL&FS group firms.

along with mutual funds have been facing a liquidity crunch following a series of loan repayment default since late September by IL&FS and its group companies.

Stocks of have wilted due to heavy selling pressure following the IL&FS defaults since late September.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 19:20 IST