SKS Microfinance shares up 10 pct

On the Bombay Stock Exchange too,the counter of the country8217;s largest microfinance player saw a correction and the scrip shot up by 9.63 per cent to touch a high of Rs 296.90.

In the previous 12 trading sessions,the stock lost nearly 48 per cent.

On the volume front,over 69 lakh shares of the company were traded on the bourses in morning trade.

Earlier,global financial services majors JP Morgan and Credit Suisse had downgraded the company8217;s stock,adding to its woes.

The microfinance company last week reported a net loss of Rs 70 crore for the fourth quarter ended March on account of lower income from operations and high credit costs.

For the entire 2010-11 fiscal,its net profit declined 36 per cent to Rs 111.63 crore from Rs 173.95 crore in the previous fiscal,the company said in a statement.

Meanwhile,the BSE benchmark Sensex was trading at 18,657.95,down 128.99 points,in noon trade.