Shares of Piramal Enterprises Ltd. fell nearly 4% to extend losses after the company said it will set aside provisions for its Rs 3,164-crore investments in alternative investment funds to comply with stricter regulatory rules.
The company revealed a total exposure to AIFs at Rs 3,817 crore as of November, according to its filing. Of this Rs 653 crore has no exposure to any debtor companies Piramal Enterprises, the company said.
Shares of the company had closed nearly 8% lower on Wednesday. The stock extended declines on Thursday by falling as much as 3.87% to Rs 851 piece, the lowest level since June 20. It pared losses to trade 2.52% lower at 09:47 a.m. compared to a 0.32% decline Nifty 50 Index.
Shares of the company are up 4.18% year-to-date. Total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 34.58.
Of the 10 analysts tracking the company, seven maintain a 'buy' rating and three suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price target implies a downside of 13.5%.
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