{"id":64873,"date":"2022-09-23T13:55:00","date_gmt":"2022-09-23T08:25:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=64873"},"modified":"2022-09-23T14:45:19","modified_gmt":"2022-09-23T09:15:19","slug":"mm-financial-plummets-14-as-rbi-takes-action","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/mm-financial-plummets-14-as-rbi-takes-action\/","title":{"rendered":"M&#038;M Financial Services stock plummets 14% as RBI takes action\u00a0"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2066537139\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The shares of Mahindra and Mahindra (M&amp;M) Financial Services Limited suffered deep cuts on Friday\u2019s intraday trade after the Reserve Bank of India directed the company to immediately cease any recovery or repossession activities via an outsource till further orders.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1496590258\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The shares reached a low of \u20b9 192.05 apiece on Friday, after closing at 223.70 apiece on Thursday\u2019s closing bell, down 14.15%, in contrast to a 0.78% decline in the Nifty 50. A combined 29 million shares changed hands on the bourses by 12:09 PM on Friday.&nbsp;<\/p><p>M&amp;M Financial Services violated the central bank\u2019s guidelines on recovery agents under the business responsibility policy. In a gruesome incident, one of its third-party recovery agents ran over a borrower\u2019s pregnant daughter while seizing a tractor. On September 15, the 27-year-old woman from Hazaribagh, Jharkhand, was trying to stop the agent from seizing her father\u2019s tractor over loan dues. She came under the tractor\u2019s wheels during the melee.&nbsp;<\/p><p>&#8220;The action is based on certain material supervisory concerns observed in the said non-banking finance company (NBFC), with regard to the management of its outsourcing activities. However, the NBFC may continue to carry out recovery or repossession activities, through its own employees,&#8221; the RBI directed.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-818550738\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The East (including Jharkhand) makes up for 25% of the NBFCs&#8217; business assets, and 20% of its disbursements as of June 2022. Such incidents are rare from an established NBFC, that too just a month after the central bank came out with a circular on August 12.&nbsp;<\/p><p>&#8220;Reserve Bank of India has from time to time advised regulated entities (REs) that the ultimate responsibility for their outsourced activities vests with them and they are, therefore, responsible for the actions of their service providers including recovery agents,\u201d according to the circular. Further, it added that any violation in this regard by REs will be viewed seriously.&nbsp;<\/p><p>However, the company said that they repossess anywhere between 4,000 to 5,000 vehicles per month in the daily course of business. This includes vehicles recovered by their employees as well as by third-party agents. They added that they expect this number to go down temporarily to around 3,000 to 4,000 per month, as they have implemented the apex bank\u2019s order with immediate effect.&nbsp;<\/p><p>Analysts at ICICI Securities believe that the order could impact the recovery process of the company in the near term and drive negative investor sentiments.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Simran Bafna\u00a0<\/strong><\/p><\/blockquote><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Source &#8211; Tradebrains.in<\/strong><\/p><\/blockquote><div class=\"trade-after-content\" id=\"trade-3963388503\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The shares of Mahindra and Mahindra (M&amp;M) Financial Services Limited suffered deep cuts on Friday\u2019s intraday trade after the Reserve Bank of India directed the company to immediately cease any recovery or repossession activities via an outsource till further orders.&nbsp; The shares reached a low of \u20b9 192.05 apiece on Friday, after closing at 223.70 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":20780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[4865,31],"tags":[],"class_list":["post-64873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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