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Equitas Holdings share price declines over 17% after draft scheme fails to meet SEBI guidelines

BusinessToday.In     September 16, 2019

Equitas Holdings share price tumbled over 17% on September 16 after market regulator Securities and Exchange Board of India (SEBI) returned the company's draft scheme with regard to Equitas Small Finance Bank (ESFB) as it failed to meet SEBI 's regulatory provisions.

Equitas Holdings stock formed a gap-down chart pattern and opened at a loss of 5.2% to Rs 111, also its day's high, and later fell 17.46% to Rs 96.65, against the previous closing price of Rs 117 on BSE.

Overall 14.43 lakh shares and 243.89 lakhs share changed hands over the counter on BSE and NSE, both above the 5, 10 and 30-day average volume traded. The stock has traded in a wide range of Rs 14.35.

Moreover, Equitas Holdings has moved below its 30 and 50-day simple moving average today and already trades lower than the 100 and 200 day moving averages.

SEBI has returned the draft scheme of arrangement filed by Equitas Holdings Limited and the company is advised to re-submit the same after ensuring compliance with the provisions mentioned in the SEBI circular, the filing stated. The company had filled the Draft Scheme of Arrangement between Equitas Holdings (EHL) and Equitas Small Finance Bank (ESFBL).

The filing also added," ESFBL will initiate necessary steps to list its shares through Initial Public Offer (IPO) which is expected to be completed by March 2020 under normal circumstances."

By Rupa Burman Roy

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