Manappuram gets RBI 'asirvad'

Yesterday late evening, Manappuram Finance had some good news to share. Its subsidiary,

Asirvad Micro Finance, as per RBI’s directive in Oct’ 24, was instructed to cease and desist from sanctioning or disbursing loans, effective from the close of business on October 21, 2024.

And now, yesterday, RBI lifted these restrictions with respect to sanction or disbursal of loans with immediate effect, saying the company initiated remedial measures and submitted compliance reports, satisfying the regulator.

Following this news, the stock price, from its close of Rs.180.05, opened at Rs.188.80 and rose to an intraday high at Rs.191.50; it is currently trading at its opening levels of Rs.188.