SKS Microfinance tumbles to record low post Q4 results
Mumbai: Shares of SKS Microfinance tanked nearly 20 percent to a record low in the morning trade on Tuesday 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 percent to hit a record low of Rs 75.85 on the BSE.
At the NSE, the stock plunged 14.52 percent 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 percent 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.