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SKS Microfinance tumbles to record low

Shares of SKS microfinance slid further and lost 19.9% to hit a record low of Rs 75.85 on BSE.

Written by Agencies | Mumbai | Published: May 8, 2012 11:59 am

Shares of SKS Microfinance tanked nearly 20 per cent to a record low in the morning trade today after the company reported a loss of Rs 330 crore for the quarter ended March 31,2012.

After opening weak,shares of the micro finance lender slid further and lost 19.9 per cent to hit a record low of Rs 75.85 on the BSE.

At the NSE,the stock plunged 14.52 per cent to a new low of Rs 80.90.

Later,the scrip pared much of the initial losses and was trading at Rs 91,down 3.91 per cent at 1055 hours on the BSE.

On the volume front,1.95 lakh shares of the company changed hands on the BSE,while more than 4 lakh shares were traded on the NSE during the morning trade.

SKS Microfinance has suffered a loss Rs 330 crore in the quarter ended March 31,2012,due to heavy provisioning and write-offs.

The company allotted Rs 278 crore under provisions and write-offs in the fourth quarter of FY’12 and 1,173.5 crore for the whole fiscal due to non-collection of Andhra Pradesh dues.

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