Mahindra & Mahindra Financial Services shares slump 14.40% on weak Q2FY24 performance
According to the brokerage firm, Centrum Broking, the company experienced increased credit costs in the second quarter, primarily due to rise in provisions and write-offs resulting from challenges in the tractor segment caused by erratic monsoon.
Shares of Mahindra & Mahindra Financial Services, (MMFS), part of the Mahindra Group, slumped 14.40% to reach 237.35 apiece in early trade on Monday, a level not seen since April 2023, as the investors reacted negatively to the company's Q2FY24 performance, which was released post-market hours on Friday. At 10:45 AM, the stock was trading with a drop of 9.45% at ₹251.30.
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