SKS Microfinance reports loss of Rs 384 Crore – Stock closes at Rs 175

Shares of SKS Microfinance touched a new 52 week low of Rs 173.60 before closing the day at 175.55 on the Bombay Stock Exchange today. It had previously closed at Rs 192.15 on Tuesday. The stock has fallen by more than 15% in the last two trading sessions.

On monday, SKS Microfinance had reported a net loss of Rs 384 crore for the September quarter, as against a profit of Rs 80.55 crore in the July-September quarter of 2010.

Share Price of SKS Microfinance over the last year

share price of sks microfinance

Share Price of SKS Microfinance over the past one year

During the quarter, SKS’s provisions against bad loans rose to Rs 353 Crore, which represents a twenty-fold jump from Rs 17 crore in 2010. SKS Mircrofinance’s total income declined 64.8% to Rs. 131.15 crore in Q2 September 2011 over Q2 September 2010.

SKS Microfinance has an equity capital of Rs. 72.36 crore and it is planning to raise Rs 900 crore through issue of shares to institutional investors.

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