On October 1, ET had reported that MUFG was in advanced talks to take a 20% stake in India's second largest non-banking finance company (NBFC), Shriram Finance, for about ₹23,200 crore ($2.6 billion). If the deal fructifies, it would be the biggest strategic investment by an overseas lender in the Indian NBFC. However, valuations have since climbed as investors have poured money into the stock in anticipation of the deal. From ₹616 a piece at the end of September 30, the Shriram stock has risen more than ...