Bharat Financial Inclusion dips on heavy volumes

The stock dipped 10% to Rs 816 with a combined 7.45 million shares changing hands on NSE and BSE till 03:11 pm.

Bharat Financial Inclusion formerly known as 'SKS Microfinance Limited’ has dipped 10% to Rs 816 on the National Stock Exchange (NSE) on back of heavy volumes.

Till 03:11 pm, a combined 7.45 million equity shares representing 6.9% of total equity of Bharat Financial Inclusion have changed hands on the NSE and BSE. An average around 3 million shares were traded daily in past two weeks on both the exchanges.

Thus far in 2016, the stock had outperformed the market by surging 83% as compared to 7% rise in the S&P BSE Sensex till Monday.

Bharat Financial Inclusion on Monday after market hours informed the stock exchanges that it has come to its knowledge that it’s President. Mr S Dilli Raj, has been arrested by the Enforcement Directorate in respect of an on-going investigation in a complaint filed by IDBI Bank against First Leasing Company of India.

The said investigation does not in any way relate to the present Company, Bharat Financial Inclusion.

The company said Mr S Dilli Raj has been relieved from First Leasing on January 18, 2008, after resigning on November 22, 2007.

In a personal statement on October 19, 2015, Dilli Raj had stated that all loans taken during his tenure have been repaid by First Leasing and that the Complaint filed by IDBI Bank relates to loans sanctioned during the years 2012 and 2013, which was six years after he ceased to be an employee of First Leasing.

Mr. Dilli Raj also clarified that his role was confined to treasury operations and he did not authenticate or sign any financial statements of First Leasing, the company said.