Magma Fincorp jumps 10% after Poonawalla announces acquisition

Non-banking financial company Magma Fincorp surged to the highest since July 2019 after Serum Institute of India CEO Adar Poonawalla-led company Rising Sun Holdings agreed to buy controlling stake in the shadow lender. The company's shares jumped 10% to ₹93.55 on Thursday, hitting the upper circuit. Rising Sun Holdings will acquire 60% stake in Magma Fincorp for ₹3,456 crore.