Manappuram surges; Baring raises stake

Reuters Market Eye - Shares in Manappuram Finance surge 11 percent after the gold loan company said late on Monday private equity firm Baring India raised its stake by 0.95 percent to 5.94 percent.

Manappuram Finance founder VP Nandakumar on March 14 sold about a 4 percent stake to three large private equity funds, including Baring Private Equity Partners, for about $28.9 million.