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Report: Reliance Capital to pull back from lending

India-based Reliance Capital Ltd. will exit the lending business, Reuters reported.

The decision was rooted in "collateral damage" that Reliance Capital faced because of a slowdown in the economy and a lending crisis in the nonbank financial sector, Group Chairman Anil Ambani said.

Reliance Home Finance Ltd. and Reliance Commercial Finance Ltd. are working with lenders to finalize a resolution plan, which is expected to be completed by December, Mint reported, citing the chairman.

Reliance Capital's stock was down by 11.99% as of 3:30 p.m. Indian Standard Time on Sept. 30.