Ujjivan Small Finance Bank Ltd.'s share price rose as the bank sold its stressed loan portfolio to an asset reconstruction company.
The small finance bank sold the loan portfolio worth Rs 364.51 crore, at Rs 34.26 crore, marking a 91% haircut.
The board of Ujjivan Small Finance Bank had approved the sale of its non-performing asset and written-off loans, in February. This sale is part of the lenders' portfolio clearing process.
Ujjivan Small Finance Bank Share Price
Ujjivan Small Finance Bank's share price rose 2.40% to Rs 32.90 apiece. It erased gains to trade 0.44% lower at Rs 31.99 apiece as of 9:23 a.m., as compared to a 0.37% advance in the NSE Nifty 50.
The stock extended losses to the second session after erasing opening gains. It has declined 38.57% in 12 months. Total traded volume on NSE stood at 0.14 times its 30-day average so far in the day. The relative strength index was at 41.45.
Out of 16 analysts tracking the company, 14 maintain a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 40.1%.
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