One of the few NBFCs that was standing tall despite the IL&FS crisis has now fallen victim to the sell-off triggered by the global pandemic. Aavas Financiers, the affordable housing financing firm has fallen 50% from its all-time high of Rs.2,101 in January this year, although it is still trading comfortably above its listing price of Rs.746. The company’s 99% loan book is made up of retail (salaried and self-employed) consumers, which could be facing a down cycle as the economy shuts down temporarily and disrupts businesses.