VP Nandakumar, the promoter of Indian NBFC Manappuram Finance, has had his personal assets frozen after Enforcement Directorate (ED) raids as part of a money-laundering investigation. Shares in Manappuram fell almost 14%, driven by the asset freeze, including 19,29,01,996 equity shares in the company held by Nandakumar himself. He said the concerns had to do with a previous firm, Manappuram Agro Farms, which no longer exists.
