SKS shares hit record low on huge Q3 loss

Last Updated: Friday, January 20, 2012 - 15:18

Mumbai: Shares of SKS Microfinance fell sharply by over 9 percent to hit an all-time low on Friday after the company reported its highest quarterly loss for October-December 2011.

Shares of the company opened on a weak note and fell further by 9.13 percent to touch its lifetime low of Rs 85 on the BSE.

Disappointed with the results, investors shed SKS shares on the NSE as well, where the stock slid 8.77 percent to a record low of Rs 85.30.

SKS Microfinance, country's only listed MFI, reported a net loss of Rs 427 crore for October-December 2011 period.

In the October-December quarter of 2010-11, SKS had a net profit of Rs 34 crore.

The company has been registering losses for the past four quarters.

Foreign institutional investors (FIIs) have cut their stake in the company to 14.72 percent at the end of December quarter. The overseas investors hold 19.02 percent stake in the company at the end of September quarter.

PTI

First Published: Friday, January 20, 2012 - 15:18

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