SKS drops 5.5% on Akula's resignation buzz

SKS Microfinance has dropped to a new low on reports that Vikram Akula may resign as executive chairman of the company he founded in 1998.

If Akula leaves the company, it will be the second high-profile departure after the exit of Suresh Gurumani, former chief executive of SKS, last year. There is also speculation the micro-lender will appoint P H Ravikumar, a board member of SKS and head of Invent Assets Securitisation and Reconstruction, as the non-executive chairman.

The stock that touched Rs 1,491 in September last year is now a shadow of its former self at Rs 112. Earlier in the day it touched a low of Rs 105 - down 5.4% from the previous close. The counter has seen hefty trade volumes with 1,66,000 shares being traded so far on the BSE, as against a two-week average of 1,62,000 shares.