Shares of SKS Microfinance got hit by nearly five per cent in the early trade on Bombay Stock Exchange (BSE), a day after the company posted a dip in its third quarter net profit.
SKS, the only listed microfinance company in the country, yesterday, reported a 38.41 per cent decline in net profit at Rs 34.15 crore for the October-December period owing to higher provisioning and bad loan write-offs during this quarter.
Reacting to the numbers, the company's scrip plunged by 4.8 per cent to touch an early low of Rs 651.25 on the BSE.
SKS MIcrofinance witnessed a steeper decline on the National Stock Exchange, as the shares plummeted by 8.04 per cent to quote at Rs 630 in the morning trade.
Meanwhile, the BSE benchmark Sensex was trading at 19,248.35, up 97.07 points at 1013 hours.
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