SKS Microfinance stock rating cut

Credit Suisse on Monday downgraded SKS Microfinance to underperform from outperform and cut the price target to Rs 323 from Rs 1,575,citing continued uncertainty on the microfinance business model.SKS8217;s March quarter results were weaker-than-expected,the investment bank said. SKS had reported on Friday a net loss of Rs 697.7 million 15.6 million for the fiscal fourth quarter,compared with a profit of Rs 628.9 million a year earlier.

At 10.16 a.m. 0446 GMT,shares of SKS were down 6.4 per cent at Rs 310.55.