NBFC shares plummet on slump in gold prices

Gold today recorded its steepest fall in over two months and lost Rs 800 to Rs 28,140 per 10 grams, on frantic selling by stockists

FP Archives|Dec 20, 2014, 05:53:50 IST

Mumbai: Led by Manappuram Finance, shares of non-banking finance companies providing provide loan-for-gold fell sharply on the bourses today amid a slump in the price of the precious metal.

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Manappuram Finance tumbled 9.90 percent to close for the day at Rs 46.40 on the BSE, while Muthoot Finance plummeted by 6.95 percent to settle at Rs 156.60.Similarly, Mahindra & Mahindra Finance settled marginally 0.47 percent lower at Rs 640.

Gold today recorded its steepest fall in over two months and lost Rs 800 to Rs 28,140 per 10 grams, on frantic selling by stockists on weak global trend and sluggish domestic demand.

Traders said selling pressure gathered momentum, as the metal in overseas markets dipped below $ 1,600 an ounce on deepening euro-zone debt crisis and boosting the dollar.In the broader market, heavy volatility pulled down the BSE benchmark Sensex by 44.67 points.

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