SKS Microfinance tumbles to new low as Q4 net loss widens

SKS Microfinance has tumbled 20% to Rs 75.85, its all-time low in opening deals after reporting a net loss of Rs 330 crore for the quarter ended March 2012 on account of a Rs272 crore write-off on its Andhra Pradesh loan portfolio. The only listed microfinance company in the country had a net loss of Rs 70 crore in the previous year quarter.

Total income too, declined by 62% at Rs 66.15 crore on year-on-year basis during the quarter under review.

A combined 120,000 shares have changed hands on the counter in opening deals on both the exchanges.