Shares of asset management companies fell on Tuesday after SEBI introduced guidelines for market infrastructure institutions to ensure fair and transparent fee structures. The markets regulator has asked participants to discontinue volume-based slab wise fee structure.
The move by the Securities and Exchange Board of India could potentially reduce costs for end clients like investors and traders.
The discount brokers, who will take the hit from the latest announcement, declined the most. Angel One Ltd. and 5Paisa Capital Ltd. led the fall, which dropped over 10% and 4.97% respectively in early trade. The stock of IIFL Securities Ltd. and Geojit Financial Services Ltd. also fell over 2% each.
Angel One's stock fell as much as 10.32% during the day to Rs 2,312.55 apiece on the NSE. It was trading 7% lower at Rs 2,398 apiece, compared to a 0.05% decline in the benchmark Nifty 50 at 9:34 a.m.
The share price has risen 37% in the last 12 months and has declined by 31% on a year-to-date basis. The total traded volume so far in the day stood at 33 times its 30-day average. The relative strength index was at 36.
Seven out of the nine analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and another suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 47%.
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