Reacting to the Reserve Bank of India's notification that loans given against jewellery as collateral would no longer be eligible for priority sector lending, shares of Manappuram General Finance & Leasing fell 6% to Rs 108 on Thursday. Investors feared the loan-against-gold-jewellery firm's cost of borrowing may rise and hurt profitability. Loans to priority sectors such as agriculture, education, low-cost housing, and those given to weaker sections of the society offer lower interest rates.
But Manappuram chairman and managing director VP Nandakumar says the RBI move will not have a significant impact on his companyDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
