Money Matters stock crashes 20%

Shares of Money Matters plunged on allegations that the firm bribed officials for procuring loans.

Shares of Money Matters Financial Services nosedived by 20 per cent,hitting a lower circuit on BSE,on allegations that the firm bribed senior officials of public sector financial institutions for procuring loans for corporates.

The Mumbai-based investment bank’s shares had tumbled by 20 per cent on Wednesday on emergence of a real estate scam involving it and several state-owned institutions like Life Insurance Corporation,LIC Housing Finance,Central Bank of India,Bank of India and Punjab National Bank.

Extending last session’s losses,share of Money Matters today also opened weak and tanked by 19.99 per cent to Rs 425 on the Bombay Stock Exchange.

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The counter witnessed a similar plunge on the National Stock Exchange,where it was quoting at Rs 427.05,reflecting a fall of 19.99 per cent from the previous close.

Besides,share of Punjab National Bank was also trading 3.9 per cent lower at Rs 1,215.10.

In contrast,shares of LIC Housing Finance and Central Bank of India rebounded with a gain of 3.97 per cent and 7.98 per cent respectively on BSE in the morning trade,on buying at lower levels.

Meanwhile,the benchmark Sensex was trading firm at 19,598.63,up 138.78 points from previous close.