India's Aavas Financiers drops 18% in five sessions; stock in oversold zone

Aavas Financiers

26/04/2023 09:37

** Shares of Aavas Financiers Ltd  AVAS.NS  lost as much as
5.96% to 1,426 rupees, lowest in two and a half years
    ** Housing finance company on course to fall for fifth
session in a row, if losses hold; AVAS down 18% since April 19
    ** On April 18, global brokerage firm Morgan Stanley
initiated coverage of housing finance companies such as Aptus
Value Housing Finance Ltd  APTS.NS , Home First Finance Co
 HOME.NS , AVAS and Can Fin Homes  CNFH.NS 
    ** MS has an "equal-weight" rating for AVAS and prefers APTS
and HOME over AVAS on higher loan growth potential and
attractive valuations
    ** The relative strength index of AVAS is at 26, implying
the stock may be oversold
    ** Stock is most active since April 20, with a trading
volume of 392,027, more than twice the 30-day avg of 161,863
shares
    ** Of the 16 analysts tracking AVAS, 10 maintain "buy", one
suggests "sell" and five recommend "hold"; median TP is 2,251.50
rupees - Refinitiv data




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))