JM Financial Share Price Today: On the Bombay Stock Exchange (BSE), the company’s share dropped by 19.29% to Rs. 77.10, while on the National Stock Exchange (NSE), it was trading at Rs. 77.55, down by 18.75%.
New Delhi: Following the regulatory actions by the Reserve Bank of India (RBI), JM Financial witnessed a decline of more than 19% in its shares on Wednesday. Consequently, its market capitalization dropped by up to Rs. 1,484 crore. The RBI had imposed several restrictions on the company JM Financial Products Limited on Tuesday, after various irregularities were uncovered.
On the BSE, the company’s share fell by 19.29% to Rs. 77.10, while on the NSE, it was trading at Rs. 77.55, marking a decline of 18.75%. Amidst this downturn, the company’s market capitalization reduced to Rs. 7,643.63 crore from Rs. 8,128.16 crore.
The Reserve Bank initiated actions against the company, repeatedly intervening to assist a group of its customers in bidding for various IPOs using borrowed funds.
The central bank has prohibited the non-banking financial company from providing any financial support in the form of shares and debentures, including approval and distribution of loans, along with the initial public offering (IPO) of shares and the approval and distribution of bonds. These restrictions have come into immediate effect.
