The Hindu Business Line : Staff leaving talk hurts JM Fin

The stock of JM Financial has been declining for the past week on news that it's top management have put in their papers to join Morgan Stanley. The stock has been down 1.96 per cent week-on-week and over 7 per cent for the month. It continued to decline on Wednesdat , closing 0.46 per cent down at Rs 989.

A few months ago, Morgan Stanley and JM Financial ended their decade long partnership. It was rumoured that while ending their partnership, they had signed an anti-poaching pact.

When contacted, the company said in terms of the agreement signed at the time of parting, either party could hire 5 people from each other. Initially, there was an anti-poaching pact, which was later revised. However, the company refused to comment on whether any of the top management had left to join Morgan Stanley.

The volumes of the stock traded continued to be low with 773 shares traded on Wednesdat. The two-week average traded quantity was even lower at 698. On the NSE, it closed at Rs 980.20 (Rs 999.60) with 1,784 shares changing hands

Arushi Sen

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