Magma Fincorp tumbles over 18% in five sessions

Magma Fincorp fell 8.01% to Rs 87.90 at 15:21 IST on BSE, extending recent steep losses.

Meanwhile, S&P BSE Sensex was down 337.52 points or 0.86% at 38,878.12.

On BSE, 17,000 shares were traded in Magma Fincorp counter, compared to a 2-week average of 62,000 shares. The share price hit an intraday high of Rs 96 and an intraday low of Rs 86.80. It hit a 52-week high of Rs 160.20 on 27 July 2018 and a 52-week low of Rs 81 on 15 February 2019.

Shares of Magma Fincorp plunged 18.23% in five trading sessions to its current market price of Rs 87.90, from a recent closing high of Rs 107.50 on 11 July 2019.

Magma Fincorp's consolidated net profit rose 6.6% to Rs 85.30 crore on a 7.6% increase in total income to Rs 635.12 crore in Q4 March 2019 over Q4 March 2018.

Magma Fincorp is a non-banking finance company. The company is primarily engaged in the business of asset financing. Its principal activities include financing for tractors, commercial vehicle, construction equipment, cars and used vehicles and mortgage and loans to micro, small and medium snterprises.

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