Manappuram Finance tanks over 14% on low profit concerns

Gold loan provider Manappuram Finance shares fell by over 14 per cent in morning trade, after the company said its profit may reduce in the fourth quarter ending March 31, 2013.

After making a weak opening, shares of the gold loan provider further tumbled by 13.53 per cent to Rs 23.95 on the BSE.

The fall was more sharp at 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 on Tuesday evening Manappuram had said: "We expect an under recovery of revenue on certain gold loan port folios due to correction in the gold price. This may result in reduction in profit numbers for the 4th quarter ending March 31, 2013."

With PTI inputs