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Shares of SKS Microfinance plunged by over 14 per cent to hit an all-time low in the morning trade on the bourses today after the company reported a net loss of Rs 70 crore for the quarter ended March 31, 2011.
Continuing its South-bound trail, the scrip dropped by 14.27 per cent to touch a new low of Rs 284 on the Bombay Stock Exchange.
In the previous trading session, it nosedived by nearly 20 per cent to hit the lower circuit limit amid media reports that global financial services firm JP Morgan has cut its share price target by more than half.
Edgy investors abandoned the company’s counter on the National Stock Exchange as well, where the stock plummeted by 14.1 per cent to hit a record low of Rs 285 apiece.
On the volume front, over 21 lakh shares of the company were traded on the bourses within the first few minutes of the session.
The microfinance company had last week reported a net loss of Rs 70 crore for the fourth quarter ended March 31, 2011 on account of lower income from operations and high credit costs.
For the entire 2010-11 fiscal, its net profit declined by 36 per cent to Rs 111.63 crore from Rs 173.95 crore in the previous fiscal, the company said in a statement.
During the fourth quarter of 2009-10, SKS Microfinance had earned a net profit of Rs 63 crore.
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