New Delhi, April 15 -- Shares of lender Ujjivan Small Finance Bank (SFB) declined up to 4.5% in the early morning trade on Wednesday, April 15, defying the positive trend in the Indian stock market after the Reserve Bank of India (RBI) rejected its application for a universal banking license.

Ujjivan SFB share price hit the day's low of Rs.57.60 on the BSE today, down 4.54% as against its last closing price of Rs.60.34 on Monday. The Indian stock market's benchmark indices, however, traded over 1.55% higher at the same time amid renewed optimism due to the second round of peace talks between the US and Iran.

The central bank on Monday rejected Ujjivan SFB's application, citing for universal bank status, citing the need for greater diver...