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Equitas Holdings, Ujjivan Financial test 52-week lows

The RBI has issued directives to them on compliance of rules for listing their small finance banks.

ETMarkets.com|
Last Updated: Oct 26, 2018, 01.39 PM IST
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NEW DELHI: Shares of Equitas Holdings and Ujjivan Financial Services dropped to 52-week lows on the BSE on Friday after the RBI issued directives to them on compliance of rules for listing their small finance banks.

The Reserve Bank has asked both companies to comply with guidelines and list their small finance banks within three years of commencing operations, Ujjivan and Equitas said in separate BSE filings on Thursday.

Equitas said the company would be considering steps to get Equitas Small Finance Bank (ESFBL) listed within the stipulated timeframe at its board meeting in November first week.

It further said it will consider approaching RBI for an approval to merge with the bank at an appropriate time, post the lock-in period.

Ujjivan in the regulatory filing too expressed its commitment to consider all appropriate measures to ensure timely compliance of the RBI directives.

Shares of Equitas were at Rs 88.70, down 31.35 per cent, on the BSE around 12.40 pm today. Ujjivan stock fell to Rs 173.05, down 21.31 per cent. The benchmark Sensex lost 0.19 per cent at 33,625.
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