JM Financial Share Price Plummets 19% After RBI Ban

JM Financial Share Price Plummets 19% as RBI Bars Company from Giving Loans Against Shares and Debentures

MUMBAI – The share price of JM Financial dropped by over 19% in Wednesday’s opening trade after the Reserve Bank of India (RBI) prohibited JM Financial Products Ltd from providing loans against shares and debentures, citing regulatory and governance lapses. The stock fell as much as 19.29% to ₹77.10 apiece on the Bombay Stock Exchange (BSE). Additionally, the banking regulator has also barred JM Financial Products from sanctioning and disbursing loans against Initial Public Offerings (IPO) of shares with immediate effect.