Edelweiss Financial Services tumbles after RBI imposes business restrictions on the company’s arms

Edelweiss Financial Services Ltd. | Finance - NBFC | BFSI | BSE: 532922 | NSE: EDELWEISS

30 May 2024 Evaluate

Edelweiss Financial Services is currently trading at Rs. 66.24, down by 11.21 points or 14.47% from its previous closing of Rs. 77.45 on the BSE.

The scrip opened at Rs. 64.00 and has touched a high and low of Rs. 70.80 and Rs. 64.00 respectively. So far 2834910 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 87.80 on 20-Dec-2023 and a 52 week low of Rs. 37.43 on 02-Jun-2023.

Last one week high and low of the scrip stood at Rs. 85.27 and Rs. 64.00 respectively. The current market cap of the company is Rs. 6230.45 crore.

The promoters holding in the company stood at 32.76%, while Institutions and Non-Institutions held 31.59% and 35.65% respectively.

Reserve Bank of India (RBI) has imposed business restrictions on Edelweiss Financial Services’ Subsidiaries. The central bank has asked Edelweiss Financial Services’ subsidiary -- ECL Finance (ECL) to cease and desist from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/or closure of accounts.

Besides, RBI has asked Edelweiss Financial Services’ subsidiary -- Edelweiss Asset Reconstruction Company (EARCL) to cease and desist from acquisition of financial assets, including security receipts (SRs) and reorganising the existing SRs, into senior and subordinate tranches. Both the actions are with immediate effect.

The RBI found that ECL had indulged in a slew of wrong practices, including submission of incorrect details of its eligible book debts to its lenders for computation of drawing power, non-compliance with loan to value norms for lending against shares.

In the case of EARCL, the violations included not placing the Reserve Bank's supervisory letter issued after the previous inspection for 2021-22 before the company's board, non-compliance with regulations pertaining to settlement of loans and sharing of non-public information of its clients with group entities.

Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments - agency business and holding company activities.

Edelweiss Fin. Serv. Share Price

122.40 -3.00 (-2.39%)

25-Jun-2026 16:59 View Price Chart

Peers

Company Name	CMP
Bajaj Finance	979.90
Shriram Finance	1031.90
Aditya Birla Capital	390.50
Chola Invest & Fin.	1800.00
Tata Capital	363.35
View more..

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