Edelweiss Financial Services denies report of sale of mutual fund business

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Edelweiss Financial Services denies report of sale of mutual fund business

Edelweiss Financial Services clarified that the business is not for sale and that the business is a strong franchisee and that it is not for sale, despite speculations related to the sale of mutual fund business.

In a regulatory filing, Edelweiss Financial Services said that the company strongly denies the report and wishes to reiterate that the news is factually untrue and motivated by vested interests.

The business has risen from strength to strength over the last five years, with a CAGR of over 65 per cent as against 17 per cent for the industry and moved up in the industry rankings from 23rd in FY 18 to 13th in FY 22. We remain excited about the prospects of this business and are committed to investing in its growth. After falling by 1.26 per cent in the early trade, shares of Edelweiss Financial Services closed 0.97 per cent higher at Rs 52.05 on Friday. The benchmark BSE Sensex settled 111 points, or 0.21 per cent, down from 52,907. The company views came with reference to a media report that appeared this morning on July 1, 2022, related to the sale of mutual fund business.

The story is purely speculative, based on insinuations of vested interest, and is completely baseless and untrue. Edelweiss Financial Services said that we strongly urge not to believe such baseless reporting and also urge the media fraternity not to file any speculative stories that harm investor interests.