SKS Microfinance cracks as promoters sell stake

MUMBAI: Shares of SKS Microfinance were witnessing selling pressure in a firm market as sentiment turned bearish after promoter and PE fund sold 2 million shares in the open market.

At 09:50 a.m.; the stock was at Rs 128.05, down 3.21 per cent, on the BSE. It touched a high of Rs 135 and a low of Rs 125.45 in trade today.

According to the BSE data, founder Vikram Akula and private equity firm Sequoia Capital sold 9,06,724 and 15,00,000 shares respectively. Meanwhile, SKS Mutual Benefit Trust bought 10,30,000 million shares at an average price of Rs 130.79 yesterday.

Last month, Mauritius Unitus Corporation, which had been allotted shares prior to IPO, sold off 16,20,482 shares in the open market.