M&M Financial shares sink 6% as Q3 profit dip

Shares of Mahindra & Mahindra Financial Services today fell by nearly 6 per cent after the company reported an 18 per cent decline in standalone net profit for the three months to December.
The company's stock ended at Rs 239.90, down 5.53 per cent from its previous close on the BSE. During the day, the scrip lost 8.5 per cent to Rs 232.35.
At the NSE, the stock settled 5.88 per cent lower at Rs 239.20.
Mahindra & Mahindra Financial Services yesterday reported an 18 per cent decline in standalone net profit at Rs 164 crore for the three months to December from Rs 200 crore in the year-ago period.

The steep decline in profit came despite a full 27 per cent spike in income to Rs 1,271 crore, it said in a statement, without offering any reason for the dip in net profit.
On a consolidated basis, total income rose 28 per cent to Rs 1,363 crore from Rs 1,062 crore during the reporting period, while net profit declined 16 per cent to Rs 182 crore from Rs 216 crore.