India's Piramal Enterprises down on provision for alternate investment fund exposure

Piramal Enterprises

21/12/2023 06:06

** Shares of India's Piramal Enterprises  PIRA.NS  falls as
much as 3.9% to 851 rupees, posting lowest level since June 20
    ** Co to provision for exposure to alternate investment
funds (AIFs) after cenbank tightens rules; adds "confident of
full recovery" of investments 
    ** Disclosure comes two days after the RBI barred entities
under its regulation from investing in AIFs that have
investments in existing and recent borrowers
    ** PIRA on track to post fourth straight session of losses,
eyes four consecutive months of falls 
    ** About 2.6 mln shares change hands by 11:29 a.m. IST,
nearly twice the 30-day average
    ** Average rating of 7 analysts eyeing the stock is "hold" -
LSEG data
    ** Stock last down 1.4%, trimming YTD gains to ~5.4% 
    ** IIFL Finance  IIFL.NS , PIRA's peer with AIF exposure as
per Jefferies, down about 5%, extending slump for second
straight session

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))