Two Edelweiss firms said on Thursday they would co-operate with the Reserve Bank of India (RBI) and address the concerns raised by the banking regulator.

The RBI on Thursday imposed business restrictions on ECL Finance Ltd (ECL) and Edelweiss Asset Reconstruction Company Ltd (EARCL) on concerns over evergreening of loans.

The shares of Edelweiss Financial Services tanked 17.36 per cent on Thursday during intra-day trades on the BSE to touch ₹64.

The counter closed at ₹68.30, marking a crash of 11.81 per cent.

“We are reviewing the order and will address the observations mentioned in the RBI order. We are dedicated to maintaining transparency and upholding highest standards of corporate governance and committed to compliance with regulatory requirements,’’ EARCL said in a statement.

The asset reconstruction firm pointed out that there will not be any material impact on its resolution and recovery efforts which would continue normally.

"We assure all our stakeholders that we are taking immediate steps to address the concerns raised by the RBI and to align our operations with regulatory expectations,’’ it added.

ECL Finance noted that the RBI’s order was about its wholesale exposure.