India's IIFL Securities tanks after ban on new stockbroking clients

IIFL Capital Services

20/06/2023 05:15

** Shares of IIFL Securities  IIFS.NS  down as much as 19.2%
to 57.5 rupees
    ** Stock hits lowest level since May 29, and on track for
biggest intraday pct loss since Dec. 20, 2021
    ** India's markets regulator SEBI on Monday barred company's
stockbroking unit from taking on new clients for two years over
alleged misuse of client funds in 2013-14
    ** SEBI said IIFS was involved in mixing clients' funds with
its own funds and utilizing credit balances in one client's
accounts for the needs of another
    ** IIFL's non-banking finance unit IIFL Finance  IIFL.NS 
also down as much as 5.8% and wealth asset management unit 360
One Wam  ONEW.NS  down as much as 1.4% 
    ** Trading volume is more than 4.2 mln shares as of 09:35
a.m. IST, 8.6x the 30-day avg
    ** IIFS stock up 10.8% YTD as of last close

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))