The Exchange has sought clarification from Spandana Sphoorty Financial Limited with respect to recent news item captioned Spandana Sphoorty Financial said to be under RBI lens. The response from the Company is attached.
SPANDANA · price
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On the reaction day the stock moved 0.8 pts less than Nifty Microcap 250 and 0.8 pts less than its Finance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Spandana Sphoorty Financial responded to a query from the stock exchanges about a media report suggesting the company is under the RBI's scrutiny. The company stated it has no information requiring disclosure under SEBI's Regulation 30 listing rules. It highlighted that it has strong internal audit processes and any adverse asset quality findings are already disclosed and provided for in its published financial results. The company said it is unable to explain the unusual trading movement in its shares that prompted the exchange's query.
While the company's denial may reassure investors in the short term, the underlying news about potential RBI scrutiny could keep the stock volatile. Investors should watch for any further exchange queries or any official communication from the RBI regarding the company.