Spandana Sphoorty Financial clarifies on RBI scanner report; stock dives 8%

Spandana Sphoorty Financial Ltd on Friday issued a clarification over a news report titled "Spandana Sphoorty Financial said to be under RBI lens", saying that the microfinance lender has no information regarding the same.

"We hereby submit that there is no information in the company's possession with regard to the article that requires disclosure under the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," Spandana Sphoorty stated in a BSE filing.

"Further, the company has strong internal audit processes and any adverse findings in respect of asset quality that are identified in the regular course of business are duly disclosed and provided for in the published financial results," it added.

The company response came after bourses BSE and NSE sought clarity from it over the mentioned news report. The non-bank firm recently informed exchanges that Shalabh Saxena has tendered his resignation. Also, it has appointed Ashish Kumar Damani (currently designated as President & Chief Financial Officer), as the interim Chief Executive Officer.

Bourses BSE and NSE have put the securities of Spandana Sphoorty under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

Stock-wise, Spandana Sphoorty slumped 7.53 per cent to close at Rs 293. At this price, it has corrected 35.49 per cent in the last six months.

Technically, the counter traded lower than the 5-day, 100-, 150-day and 200-day simple moving averages (SMAs) but higher than the 10-day, 20-, 30-day and 50-day SMAs. Its 14-day relative strength index (RSI) came at 56.73. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the NBFC's stock has a negative price-to-earnings (P/E) ratio of 4.92 against a price-to-book (P/B) value of 0.61. Earnings per share (EPS) stood at (-)59.51 with a return on equity (RoE) of (-)12.39. Promoters held a 48.13 per cent stake in Spandana as of March 2025.