SKS Microfinance bounces back, stock up 10%

Halting a 12-day-long freefall on the bourses, SKS Microfinance made a comeback and jumped 10% in morning trade on the NSE today.

Shares of the company touched an early high of Rs 298.60 after hitting their lowest-ever level of Rs 255 apiece on the National Stock Exchange (NSE) this morning. Later, the stock was trading at Rs 294.40, up 8.45% from the previous close.

On the Bombay Stock Exchange too, the counter of the country's largest microfinance player saw a correction and the scrip shot up by 9.63% to touch a high of Rs 296.90.

In the previous 12 trading sessions, the stock lost nearly 48%.

On the volume front, over 69 lakh shares of the company were traded on the bourses in morning trade.

The microfinance company last week reported a net loss of Rs 70 crore for the fourth quarter ended March on account of lower income from operations and high credit costs.

For the entire 2010-11 fiscal, its net profit declined 36% to Rs 111.63 crore from Rs 173.95 crore in the previous fiscal, the company said in a statement.