Religare Enterprises hits record low

The stock hit a record low of Rs 149, down 6%, extending its 9% decline in past three trading days.

Religare Enterprises hit a record low of Rs 149, down 6%, extending its 9% decline of the past three trading sessions, after the company reported weak results for the financial year 2016-17 (FY17).

The financial services firm reported a standalone net loss of Rs 159 crore in FY17 against a net profit of Rs 84 crore in the previous year, as revenue fell sharply to Rs 35 crore from Rs 125 crore.

The company has sold several arms such as asset management, capital markets and health insurance in the past year. Its NBFC arm is also in the process of unwinding its corporate loan book following regulatory directions.

According to Business Standard report, include private equity funds and corporate are in talks to buy out Religare Enterprises small and medium enterprise-focused non-banking financial company (NBFC) and its housing finance business.  
According to sources, Piramal Enterprises and the Edelweiss group are in talks to buy both the businesses of Religare Enterprises as a block, added report. CLICK HERE TO READ FULL REPORT
 

Thus far in the current calendar year 2017, the stock has underperformed the market by falling 42% as compared to 17% rise in the S&P BSE Sensex.