SKS Microfinance hits record low on result, stock dips 14%

Shares of SKS Microfinance plunged over 14 per cent to hit an all-time low in morning trade on the bourses on Monday after the company reported a net loss of Rs 70 crore for the quarter ended March.

Continuing its South-bound trail, the stock dropped by 14.27 per cent to touch a new low of Rs 284 on the Bombay Stock Exchange (BSE).

In the previous trading session, the stock nosedived nearly 20 per cent to hit the lower circuit limit amid media reports that global financial services firm JP Morgan has cut its share price target by more than half.

Edgy investors abandoned the company's counter on the National Stock Exchange as well, where the stock plummeted 14.10 per cent to hit a record low of Rs 285 apiece.