Shares of SKS Microfinance fell sharply by over 9 per cent to hit an all-time low in early trade today after the company reported its highest quarterly loss for October-December, 2011-12.
The scrip opened on a weak note and fell further by 9.13 per cent to touch its life-time low of Rs 85 on the BSE. Similarly, on the NSE, the stock slid 8.77 per cent to a record low of Rs 85.30.
During the noon session, the scrip was trading down by 5.13 per cent at Rs 88.75 on the BSE and was trading lower by 5.13 per cent at Rs 88.70 on the NSE.
SKS Microfinance, the country’s only listed MFI, reported a net loss of Rs 427 crore for October-December, 2011-12. During October-December quarter of 2010-11, SKS had a net profit of Rs 34 crore.
The company has been registering losses for the past four quarters.
Foreign institutional investors (FIIs) have cut their stake in the company to 14.72 per cent at the end of December quarter. Overseas investors hold 19.02 per cent stake in the company at the end of September quarter.