CreditAccess Grameen declines over 7% in two days

CreditAccess Grameen tumbled 4.21% to Rs 654.20, extending losses for second day in a row.

The stock has declined 7.34% in two sessions, from its recent closing high of Rs 706 recorded on 3 March 2022.

In the past three months, the stock had gained 26.10% while the benchmark Sensex has lost 8.44% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 45.207. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently trading 19% below its 52-week high of Rs 807.55 hit on 15 June 2021. It has risen 32.08% from its 52-week low of Rs 495.30 recorded on 1 December 2021.

The scrip was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 646.51, 626.35 and 651.99, respectively.

CreditAccess Grameen is a microfinance institution focused on providing micro-loans to women customers predominantly in rural areas across India. The company, on consolidated basis, is now operating in 303 districts in the 14 states in India through 1,566 branches.

The company reported a standalone net profit of Rs 129.2 crore in Q3 FY22 as against a net loss of Rs 71.6 crore in Q3 FY21. Net Interest Income increased by 40.4% YoY to Rs 349.4 crore during the quarter.

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