SKS pares losses after falling nearly 20%

SKS Microfinance shares dropped nearly 20 per cent to record low on Tuesday after the company reported a loss of Rs 330 crore for the quarter ended March 31, 2012.

At closing, SKS Microfinance was down 4.54 per cent at Rs90.40 on the BSE. During the day, the stock tanked 19.9 percent to a record low of Rs 75.85.

On the NSE, the scrip closed at Rs 90.50, down 4.38 percent. In terms of volume, 3.27 lakh shares of the companychanged hands on the BSE, while more than 6 lakh shares weretraded on the NSE.

The broader stock market was weak throughout the day andthe BSE index Sensex settled at 16,546.18, down 366.53 points.

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 allotted Rs 278 crore under provisions and write-offs in the fourth quarter of FY12 and Rs 1,173.5 crore for the whole financial year due to non-collection of Andhra Pradesh dues.

With PTI inputs