Manappuram Finance shares drop 3% even as Q2 net profit soars 3x to Rs 701 crore. Why did Jefferies cut target price?

Manappuram Finance shares fell 3% despite reporting a more than threefold jump in Q2 net profit. Jefferies retained its Buy rating but cut the target price to Rs 400, citing growth opportunities, improving margins and potential recovery in return ratios.

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