SKS Microfinance hits 52-week low on poor Q2 numbers

Shares of SKS Microfinance on Tuesday slumped to a 52-week low level in morning trade after the country's only listed MFI reported a loss of Rs 384 crore for the September quarter on lower income and higher provisioning.

SKS Microfinance opened lower and later tanked 10 per cent to hit its lower circuit limit of Rs 188.15 on the BSE.

Similar trend was witnessed on the National Stock Exchange, where the company plunged by 10 per cent to its 52-week low of Rs 188.30.

Analysts attributed the sharp fall in the counter to poor Q2 numbers announced on Monday.

The company reported a net loss of Rs 384 crore for the September quarter against a profit of Rs 80.55 crore in the July-September quarter of the previous fiscal.

The stock, however, regained some lost ground and was trading at Rs 197.70, down 5.41 per cent on the BSE at 1105 hrs. On NSE it was trading at Rs 198.25, lower by 5.23 per cent.