IIFL Finance, JM Financial, Zomato, MGL among the stocks falling up to 20% today. Here's why

A host of stocks including IIFL Finance, JM Financial, Mahanagar Gas, Zomato, Indiabulls Real Estate and Samvardhana Motherson International were down up 20 per cent during the training session on Wednesday on the back stock for specific reasons including agency or regulatory actions and block deals.

Shares of IIFL Finance Ltd continued to bleed as the stock hit another lower circuit of 20 per cent to Rs 382.80 after RBI's action. The Reserve Bank of India (RBI) asked the shadow lender to stop sanctioning or disbursing gold loans with immediate effect citing certain material supervisory concerns in the company's gold loan portfolio.

JM Financial Ltd tumbled 19.30 per cent to Rs 77.10 during Wednesday's trading session as the company was barred by RBI from doing any form of financing against shares and debentures. The apex lender also said that it has found 'serious deficiencies' that are detrimental to the interest of the customers and questioned the corporate governace of the company.

Shares of Mahanagar Gas Ltd (MGL) tanked 15.65 per cent after the downgrade by the global brokerage firm Citi, which downgraded the stock to 'sell' after Oil Minister Hardeep Puri emphasised that the full benefits of natural gas sector reforms haven't reached end customers. MGL has also reduced the prices of compressed natural gas (CNG) by Rs 2.5 per kg to Rs 73.50 per kg in and around Mumbai.

Indiabulls Real Estate crashed 10.48 per cent to Rs 104.60 in the early session. The company has received a vacation order from Maharashtra Industrial Development Corporation (MIDC), directing it to vacate the land area admeasuring 5,12,068 hectares in processing zone of such SEZ at Sinnar, Nashik district, Maharashtra, within one month of receipt of order.

Samvardhana Motherson International was also down as the promoter entity Sumitomo Wiring was looking to offload more than 30 crore shares, or 4.5 per cent, stake in the company. The stock tested lows of Rs 118 for the day, down 5.78 per cent for the day.

GR Infraprojects dropped about 4 per cent to Rs 1,173.30 after the company announced that its promoter will dilute equity in the company in a period of a month to meet the minimum shareholding forms of the Sebi.

Zomato Ltd was also struggling as shareholder Antfin Singapore Holdings Pte was looking to offload up to 2 per cent stake, or 17.64 crore shares in Zomato for Rs 2,800 crore through a block deal.  The stock dropped over 5 per cent to Rs 157.70.