Manappuram Finance Plunges 5% Amid Gold Price Rally

Shares of Manappuram Finance plummeted by over 5% on Thursday afternoon despite gold prices remaining near record highs. The stock opened at ₹365.40 and touched an intraday high of ₹369.90 before sellers took control, driving the price down to ₹346.50. The company's market capitalization stood at ₹32,562 crore.

The significant drop in share value has been attributed to profit-taking by investors following a strong rally in gold prices and gold-linked stocks. Ravi Singh, chief research officer at Master Capital Services, described the current correction as 'technically healthy' and stated that further dips could provide opportunities for medium- to long-term investors.

The broader gold lending space was also under pressure, with Manappuram's stock gaining nearly 30% over the past year and over 148% in three years. The company's 52-week high of ₹381.55 was recorded on July 30, 2026.