Shares of Manappuram Finance today slumped over 14 per cent in the morning trade, after the company said its profit may reduce in the fourth quarter ending March 31, 2013.
After a weak opening, the scrip further tumbled by 13.53 per cent to Rs 23.95 on the BSE. The fall was more sharp on the NSE, where the stock nosedived 14.25 per cent to Rs 23.75.
In the previous session the scrip had tanked 20 per cent.
In a filing to the BSE last evening, Manappuram had said: “We expect an under-recovery of revenue on certain gold loan portfolios due to correction in gold price. This may result in reduction in profit numbers for the fourth quarter ending March 31, 2013.”
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