India markets open in 5 hours 34 minutes

SBI, Bajaj Finance, SBI Cards Hit 52-Week Low After RBI’s Announcement

Roshni Agarwal

Following RBI's announcement that brings in relief to borrowers by way of extension of EMI moratorium by another 3 months until August 31, 2020, financial stocks including those from the NBFC, HFC and MFI pack took a heavy beating up to 8%.

Moratorium is a period during which borrowers do not have to service their loan EMI. So, considering the earlier waiver of 3 months and now with the extension of relief for another 3 months, the repayment schedule as well as following due dates will be adjusted by 3 months across the board.

Some of the stocks from the space that hit their 52-week low on May 22, 2020:

Stock New 52-week low price hit on May 22 LTP on May 22
SBI Rs. 149.55 Rs. 150.70
SBI Cards & Payment Services Rs. 495.25 Rs. 509.75
Bajaj Finance Rs. 1865.5 Rs. 1894.65
Union Bank of India Rs. 22.65 Rs. 22.85
Mahindra & Mahindra Financial Services Rs. 125.4 Rs. 177.30

Also Read:

ATM Card Cloning Instances Reported In Delhi

SBI Cards Sees 66% Drop In Q4 Profit; Asset Quality Improves

5 Stocks That Reacted To Earnings Results Today