Shares of Reliance Capital fell for the second consecutive day on Tuesday, tumbling over 9 per cent, after the company decided to shut its two lending arms by December.
The scrip dropped 8.96 per cent to close at Rs 22.35 on the BSE. During the day, it tanked 16 per cent to Rs 20.60, its 52-week low.
At the NSE, it plummeted 9.14 per cent to close at Rs 22.35.
Reliance Capital has two credit verticals -- Reliance Commercial Finance and Reliance Home Finance -- with cumulative assets of over Rs 25,000 crore.
Shares of Reliance Home Finance also fell by 5 per cent to its lower circuit limit of Rs 3.64 on the BSE.
The shares of Reliance Capital had plunged 12.5 per cent on Monday.
"As part of the business transformation, Reliance Capital has decided to exit the lending business. Both our lending businesses -- Reliance Commercial Finance and Reliance Home Finance -- are working closely with all our lenders and other stakeholders to finalise the resolution plans which are expected to be completed by December," Anil Ambani told shareholders at the AGM in Mumbai on Monday.
This is the second major business that the Anil Ambani-led group is exiting after its once flagship Reliance Communication was shuttered two years ago and is now under bankruptcy process. Its defence business -- Reliance Naval -- is also under severe financial stress.
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