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SKS Microfinance dips to record low on Q3 loss

SI Reporter  |  Mumbai 

SKS Microfinance has dipped 9% to Rs 85.30, its lifetime low, after reporting a fourth consecutive quarterly net loss due to higher provisions and loan write-offs.

India's only listed microlender posted a net loss of Rs 428 crore in the third quarter ended December, compared with a net profit of Rs 34 crore a year earlier.

Total operational income plummeted 78% to Rs 83.83 crore while provisions against bad loans and write-offs surged to Rs 359 crore from Rs 101 crore,” SKS Microfinance said in a filing to the stock exchanges.

Meanwhile, the foreign institutional investors (FIIs) have cut their stake in the company by 430 basis points to 14.72% at the end of December quarter. The overseas investors hold 19.02% stake in the company at the end of September quarter.

A combined 197,000 shares have changed hands on the counter on opening deals on both the exchanges.

First Published: Fri, January 20 2012. 09:24 IST