Satin Creditcare Network stock plunges 7%

NEW DELHI: Shares of microfinance lender Satin Creditcare Network cracked 7 per cent in Tuesday's session even as it said the Reserve Bank of India has granted a certificate of registration to Satin Finserv as an NBFC entity.

"The Reserve Bank of India has granted a 'certificate of registration', dated January 09, 2019, to commence the business as a non-banking finance company to Satin Finserv which is a wholly owned subsidiary of Satin Creditcare Network," the company said in a BSE filing.

The stock broke its two-day gaining streak today and touched the low of Rs 239.60 in intraday trade.


Around 1:50 pm, shares of the company traded 4.77 per cent down at Rs 245.55 on BSE.