Poonawalla Fincorp share price rises 6%

Poonawalla Fincorp share price jumped over 6% on Monday led by heavy buying momentum, despite broader weakness in the Indian stock market. Poonawalla Fincorp shares rallied as much as 6.59% to ₹440.75 apiece on the BSE. Around 40 lakh equity shares of Poonawalla Fincorp changed hands on stock exchanges, significantly higher than their one week average trading volumes of 19 lakh shares. The rally in Poonawalla Fincorp share price comes after the financial services company approved raising ₹1,500 crore from its promoter and aims for over 40% growth in its asset book, led by expansion in products portfolio including gold loans.