SKS scrip hits new low

SKS Microfinance shares fell by nearly 19 per cent on the National Stock Exchange (NSE) to hit a record low. The company had reported a net loss of Rs 70 crore for the quarter ended March 31.

SKS Microfinance shares recorded an intra-day low of Rs 268 a share, before closing at Rs 269.05 apiece on the NSE, a fall of 18.9 per cent. On the Bombay Stock Exchange, SKS shares settled at Rs 270.8, down 18.3 per cent from the previous close, after hitting its lowest-ever level of Rs 268.1. About 8.2 million shares of the company were traded on the two bourses.

The microfinance company had, last week, reported a net loss of Rs 70 crore for the quarter ended March, owing to lower income from operations and high credit costs. For the year ended March 31, net profit declined 36 per cent to Rs 111.6 crore from Rs 174 crore in the previous financial year, the company had said in a statement.

The company’s stock dived by nearly 20 per cent, amid reports of global financial services firm JP Morgan cutting its share price target by more than half.