SKS Microfinance sheds 5% on weak Q3 result

SKS Microfinance sheds 5% on weak Q3 result

Mumbai: Shares of SKS Microfinance got hit by nearly 5% in the early trade on Bombay Stock Exchange (BSE), a day after the company posted a dip in its third quarter net profit.

SKS, the only listed microfinance company in the country, on Monday, reported a 38.41% decline in net profit at Rs34.15 crore for the October-December period owing to higher provisioning and bad loan write-offs during this quarter.

Reacting to the numbers, the company’s scrip plunged by 4.8% to touch an early low of Rs651.25 on the BSE.

SKS MIcrofinance witnessed a steeper decline on the National Stock Exchange (NSE), as the shares plummeted by 8.04% to quote at Rs630 in the morning trade.

Meanwhile, the BSE benchmark Sensex was trading at 19,248.35, up 97.07 points at 10:13 am.