India's JM Financial drops after cenbank bars unit

JM Financial

06/03/2024 04:12

** Shares of JM Financial  JMSH.NS  tumble 13.8% to 82.25
rupees, set for their worst single session drop since March 2020
    ** Decline after India's central bank barred unit JM
Financial Products from lending against shares and debentures,
citing regulatory violations and governance concerns
    ** JMSH says unit has not violated applicable RBI
regulations; adds, there have been no governance issues 
    ** If levels hold, stock set to fall for fourth straight
session - its longest losing streak since Sept-end 
    ** JMSH down ~17% YTD, after ~38% jump in 2023 
    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))