Trending Mid Cap Stocks: Religare Enterprises stock witness a continuous downfall
DSIJ Intelligence / 12 Jul 2017
Religare Enterprises stock price is down by almost 40 percent in July. On Tuesday, the stock closed with 20 percent lower circuit due to news of speculation related to sale of shares by lenders in open market.
Religare Enterprises stock price is down by almost 40 percent in July. On Tuesday, the stock closed with 20 percent lower circuit due to news of speculation related to sale of shares by lenders in open market. The officials of the company have denied and claimed that the news has no base.
The promoters holding stood at 50.93 percent in March 2017. Rs 826.49 crores of promoters holding has been pledged leading to reduced promoters holding to 50.89 percent.
The company has sold interests in some of its segments like asset and wealth management, life insurance. Its health insurance segment is also on the verge of sale post approvals.
Religare is also going through a temporary cash crunch phase and is planning to pay its debt obligations through its short-term borrowings and issuance of commercial papers.
The Auditors of the company issued the Auditor’s report, giving a qualified opinion for FY17, regarding issues related to corporate loan portfolio in its NBFC segment. RBI was involved in the matter as it had some concerns about the credit worthiness of the borrowers.
These factors in all have affected the share price and a continuous downfall is witnessed since past ten days. Today the share price has touched 52-week low price of Rs 92.15.
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