Shriram Transport Finance posts sharpest fall in 19-months; stock tanks 18%

The stock tanked 18% to Rs 1,066, its sharpest intra-day fall since November 9, 2016.

Shriram Transport Finance has tanked 18% to Rs 1,066, its sharpest fall in past 19-months on the BSE on concerns of a possible default in payment of interest on its non-convertible debentures (NCDs).

The management, however, has clarified regarding the issue.

The stock has underperformed the market by falling 31% from its recent high of Rs 1,543 on May 28, 2018, as compared to 0.51% rise in the S&P BSE Sensex.

As per financial year 2017-18 (FY18) annual report released recently, Shriram Transport Finance has provided a guarantee of Rs 8.7 billion in FY16 in favour of SVL