Piramal Enterprises shares hit a 52-week low of Rs 869.40, slipping 9% in Monday’s intra-day trade. The financial services company stock fell from its previous low of Rs 900.70, which it had touched on June 20 2022, data shows. In the past two trading days, the market price of Piramal Enterprises tanked 11% after the RBI directed Mahindra & Mahindra (M&M) Financial Services to cease any reclamation activities via outsourcing till further orders.

“The action is based on material supervisory concerns in the said non-banking finance company (NBFC), concerning the management of its outsourcing actions,” the RBI had said on September 22. At 11:47 in the morning, Piramal Enterprises shares traded 6% lower at Rs 895, compared to a 1.6% decline in the S&P BSE Sensex.

After the de-merger of its pharmaceutical business, Piramal Enterprises became an NBFC with retail and wholesale financing and Assets Under Management (AUM) of Rs 64,590 crore. The company aims to expand its presence to over 1,000 locations across India and its physical retail lending business.

“We also plan to remain in building newer partnerships in our entrenched finance business, resulting in 40% to 50% growth in the retail disbursements on a CAGR basis. This would enable us to multiply the overall AUM from FY22 levels, despite the drop in our existing wholesale book, ensuing in our loan book mix heading towards two-third retail loans and one-third wholesale loans,” said Piramal Enterprises in their FY22 annual report.

With ascendable, the tech-driven lending platform, important firepower for organic growth, acquisitions, and considerable value-unlocking probable, the company relics well-poised to become one of the largest and top quality NBFCs in the upcoming years, the management said. The analysts at Motilal Oswal Financial Services persist in optimism about the NBFC’s retail lending business, expecting the company to gain grip as the expenditure run-rate improves.