Manappuram Finance Climbs 3.5% Despite RBI Cash Limit Advisory

Manappuram Finance rose 3.50% after confirming an RBI advisory on cash loan limits wouldn't affect operations. Leadership changes included reappointments, bolstering management and strategy.
Manappuram Finance Climbs 3.5% Despite RBI Cash Limit Advisory

Manappuram Finance’s shares increased by 3.50% on the BSE, reaching a high of Rs 171.50 from a previous close of Rs 165.70. This rise occurred on Friday, May 10, 2024, following a positive response to an RBI advisory.

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The company announced that the recent RBI directive, which sets a cash loan disbursement limit at Rs 20,000, does not affect its operations. This reassurance helped boost investor confidence, contributing to the stock’s rise.

Early trading on Friday saw Manappuram Finance’s stock climb to Rs 169.10 by 9:41 am, marking a 2.05% increase. This was after it had initially jumped to Rs 171.50, showing strong market approval.

Additionally, there were significant changes in the company’s leadership. Madhu Mohan was re-appointed as Chief Risk Officer, indicating a strategic emphasis on risk management amidst regulatory scrutiny.

The company also strengthened its executive team by appointing Renjith P.R. as Chief Human Resource Officer. This move is part of Manappuram Finance’s broader strategy to bolster its management structure and navigate future challenges effectively.

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