NBFCs tank up to 10% after RBI keeps rates unchanged

NBFCs tank up to 10% after RBI keeps rates unchanged

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Shares of non-banking financial companies (NBFCs) slipped upto 10 percent on Friday after Reserve Bank of India (RBI) kept the key rates unchanged.

The central bank in its Monetary Policy Committee (MPC) meeting has kept the repo rate unchanged at 6.50 percent but changed the stance from Neutral to Calibrated Tightening.

Some of the major losers in NBFC space are Bajaj Finserv (down 7 percent), LIC Housing Finance (down 5.7 percent), Indiabulls Housing Finance (down 4.3 percent).

Dewan Housing Finance Corporation (down 8 percent), Religare Enterprises (down 7.7 percent) and Aditya Birla Capital (down 3.2 percent).

MPC said that its decision is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for CPI inflation of 4 percent.

Inflation forecast for H2FY19 is revised down to 3.9-4.5% from earlier projection of 4.8%.

courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/nbfcs-tankto-10-after-rbi-keeps-rates-unchanged_11504841.html

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