Edelweiss Financial tanks 13% despite clarification on investment in Kohinoor Group

The stock shed 35.4 percent in six consecutive sessions to hit Rs 93, the lowest level since December 2016, and 64 percent in last one year amid liquidity crisis and exposure to few debt laden companies

Shares of Edelweiss Financial Services fell 12.88 percent intraday to hit fresh 32-month low on August 23 despite clarification on the investment made by its Asset Reconstruction Company in Kohinoor Group.

The stock shed 35.4 percent in six consecutive sessions to hit Rs 93, the lowest level since December 2016, and 64 percent in last one year amid liquidity crisis in the NBFC industry and exposure to a few debt-laden companies.

It was quoting at Rs 101.05, down Rs 5.70, or 5.34 percent on the BSE at 1422 hours IST.

The Enforcement Directorate (ED) is examining an investment of Rs 450 crore made by Edelweiss Asset Reconstruction Company (ARC) in Kohinoor CTNL Infrastructure, reports Business Standard

Shares of Edelweiss Financial Services fell 12.88 percent intraday to hit fresh 32-month low on August 23 despite clarification on the investment made by its Asset Reconstruction Company in Kohinoor Group.

The stock shed 35.4 percent in six consecutive sessions to hit Rs 93, the lowest level since December 2016, and 64 percent in last one year amid liquidity crisis in the NBFC industry and exposure to a few debt-laden companies.

It was quoting at Rs 101.05, down Rs 5.70, or 5.34 percent on the BSE at 1422 hours IST.

The Enforcement Directorate (ED) is examining an investment of Rs 450 crore made by Edelweiss Asset Reconstruction Company (ARC) in Kohinoor CTNL Infrastructure, reports Business Standard

Source : https:// www.moneycontrol .com/news/business/markets/edelweiss-financial-tanks-13-despite-clarification-on-investment-in-kohinoor-group-4366221.html

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