Poonawala Fincorp surges 13% after a 15% decline in past four trading days

Motilal Oswal Financial Services recently initiated coverage on Poonawalla Fincorp with a 'buy' rating and a target price of Rs 350 per share

Shares of Poonawala Fincorp moved 13 per cent higher to Rs 277.50 on the BSE in Monday’s intra-day trade due to a nearly two-fold jump in the average trading volumes. In comparison, the S&P BSE Sensex was up 1.08 per cent at 60,489. 

A combined 6.8 million shares of the company had changed hands on the NSE and BSE till 01:29 PM. The stock had hit a record high of Rs 344 on April 13, 2022.

Poonawalla Fincorp (formerly Magma Fincorp) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC).

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