Edelweiss Financial share price: The share price of Edelweiss Financial Services fell as much as 17 per cent in opening trade today (May 30). This comes after the Reserve Bank of India (RBI) imposed business restrictions on two Edelweiss group entities. The central bank ordered ECL Finance Ltd and Edelweiss Asset Reconstruction Co. Ltd (EARCL) to cease and desist from undertaking fresh
"The action is based on material concerns observed during the course of supervisory examinations, essentially arising out of the conduct of the group entities acting in concert, by entering into a series of structured transactions for evergreening stressed exposures of ECL, using the platform of EARCL and connected AIFs, thereby circumventing applicable regulations. Incorrect valuation of SRs was also observed in both ECL and EARC," the RBI said.
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