$MANAPPURAM

Shares of Manappuram Finance crashed 5.6% in trade to ₹290 apiece, marking their lowest level in over a month, while shares of Muthoot Finance dropped 4% to an eight-month low of ₹2,870 apiece. These stocks, which emerged among the top performers of 2025 on the back of a record-breaking rally in gold prices, are now caught in a bearish phase and struggling to regain momentum. The sharp correction in bullion prices has raised investor concerns that a sustained decline in gold prices could lead to higher non-performing assets (NPAs) for gold loan financiers and weigh on their lending prospects.