Manappuram Finance stock falls 20% on profit concerns

MUMBAI: Shares of gold loan provider Manappuram Finance today plunged 19.94 per cent on concerns over its fourth quarter profit.

"We expect an under recovery of revenue on certain gold loan portfolios due to correction in the gold price. This may result in reduction in profit numbers for the fourth quarter ending March 31, 2013," Manappuram Finance said in a filing on the BSE.

Shares of the Kerala-based firm closed at Rs 27.70 per unit, down 19.94 per cent on the BSE.

In another filing, the company said A R Sankaranarayanan, Chairman of the Remuneration Committee Manappuram Finance, has resigned from the board.

Shares of another gold loan provider Muthoot Finance also declined by 9.26 per cent at Rs 186.10 per unit on the BSE.