SC admits SKS petition against Andhra Pradesh Act

A special leave petition of SKS Microfinance, which included a prayer for a stay of the Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, came up for hearing today in the Supreme Court.

A bench admitted the matter and notice was issued to the Andhra Pradesh government to reply by the third week of July 2011.

Shares of SKS that hit the upper circuit on Thursday gained more than 5% and were trading at Rs 379.45 during the afternoon session. The shares have gained nearly Rs 120 in the last three trading sessions.