Sensex Today | Stock Market LIVE Updates: Manappuram Finance shares plunge over 7% as SEBI puts Asirvad IPO on hold

Shares of Manappuram Finance plunged 7.4% to Rs 163.4 in Wednesday's trade on BSE after the market regulator Securities and Exchange Board of India (SEBI) put the IPO of its arm Asirvad Microfinance on hold.

The delay in the IPO represents a blow to Manappuram Finance, which had raised its stake in Ashirwad Microfinance in June 2022, acquiring a majority stake as part of its broader diversification strategy.

Asirvad Microfinance had filed a draft red herring prospectus (DRHP) with SEBI to raise Rs 1,500 crore from the public back in October last year.