A year ago when the liquidity bear hugged the financial system, just a handful expected it to have a lasting impact on non-banking financial companies (NBFCs). But the victims of tight money supply are cropping up with every passing month, the latest being foreign funds-backed Altico Capital.
While in size it may not be material, the default did have a contagion effect on listed NBFC stocks on Friday, with the pack falling 2–3 per cent in an otherwise good trading session. The larger view, though, is that incidents such as Altico or Dewan Housing may just be exceptions as the ...
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