Australia's Humm Group slumps on regulatory interim stop order for BNPL products

Humm

26/05/2023 02:06

** Shares of Humm Group Ltd  HUM.AX  fall as much as 12.9%
to A$0.370, hitting their lowest level since March 24, 2020
    ** The consumer finance products provider says its unit got
an interim stop order from Australia's corporate regulator
restricting it from issuing buy-now-pay-later (BNPL) products to
new customers
    ** Says interim stop order relates to Australian Securities
and Investments Commission's concerns regarding the target
market determination its BNPL products
    ** Co adds it is in compliance with the requirements of the
order, adding that it can continue to service existing customers
to whom the product has already been provided
    ** Shares post their biggest intraday pct fall since Feb 23
    ** About 2 mln shares exchange hands vs the 30-day average
of 712,243 shares
    ** HUM stock down 24.8% YTD, as of last close 

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))