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Shares of SKS Microfinance tanked nearly 20 per cent to a record low in the morning trade today after the company reported a loss of Rs 330 crore for the fourth quarter ended March 31, 2012.
After opening weak, the shares slid further and lost 19.9 per cent to hit a record low of Rs 75.85 on the BSE. On the NSE, the stock plunged 14.52 per cent to a new low of Rs 80.90.
Later, the scrip pared much of the initial losses and was trading at Rs 91, down 3.91 per cent on the BSE.
On the volume front, 1.95 lakh shares changed hands on the BSE, while more than 4 lakh shares were traded on the NSE during the morning trade.
SKS Microfinance has suffered a loss Rs 330 crore in the quarter ended March 31, 2012, due to heavy provisioning and write-offs.
The company has allotted Rs 278 crore under provisions and write-offs in the fourth quarter of FY’12 and 1,173.5 crore for the full fiscal due to non-collection of Andhra Pradesh dues.
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