Manappuram Finance’s shares fell sharply on October 17, dropping as much as 15% to Rs 150.73 in morning trading after the Reserve Bank of India (RBI) ordered its subsidiary, Asirvad Microfinance, to halt loan disbursements.

On October 17, the Reserve Bank of India took action against four NBFCs and NBFC-MFI citing material supervisory concerns, including Asirvad Microfinance.

According to the report, Asirvad contributes around 27 per cent to the consolidated assets under management (AUM) of Manappuram Finance

Manappuram said in a stock exchange filing it would undertake a comprehensive review of overall enterprise wide governance, risk management and regulatory compliance and will submit a detailed plan to

Manappuram Finance shares fell 16.85 per cent to hit a low o Rs 147.50 on BSE. The RBI decision to ban the lending operations of subsidiary Asirvad stemmed from major supervisory concerns, MOFSL said.

NBFC says it will do a comprehensive review of enterprise-wide governance, risk management and regulatory compliance before submitting it to RBI

RBI’s ban on Asirvad Micro Finance for high pricing has triggered downgrades for Manappuram Finance, causing a 15% drop in shares. Jefferies has lowered its target price to ₹167. Morgan Stanley has also cut its target price to ₹170.

Manappuram Finance share price tanked 15 per cent to Rs 150.80, hitting an 11-month low on the BSE after the RBI put restrictions on Asirvad Micro Finance