Some select non-banking financial companies (NBFCs) lost ground in intra-day trade on Monday after the central bank in its Friday meet said to address asset-liability mismatch of non-banking lenders in the wake of IL&FS crisis.
Shares of Dewan Housing Finance Limited (DHFL) extended their losing run for the fourth straight session, declining to a new 52-week low of Rs. 205 on the BSE. Stock was last quoting lower by 19.61% at Rs. 220.40.
Edelweiss Financial Services also retreated to a 52-week low of Rs 148.70, plunging by over 15 percent.
In a note CLSA analysts said the RBI will tighten guidelines for NBFC companies to avoid risk as several of them are becoming systemically important and there is heavy reliance on short-term funding sources such as mutual funds, commercial papers etc.
The increased pressure on NBFC companies is imminent for past few days due to concerns of rise in borrowing costs post the IL&FS fiasco.