SKS Microfinance drops 10 pc, stock hits lower circuit limit

MUMBAI: Shares of SKS Microfinance, the country's largest micro-finance lender, on Thursday tanked by 10 per cent on the bourses to touch the lower circuit limit hit by massive selling pressure.

The stock, which opened the day on a weak note touched its lower circuit limit of Rs 476, down 9.99 per cent from its previous close on the BSE.

The scrip received similar drubbing on the NSE, where it plunged by 9.99 per cent to hit its lower limit of Rs 476.45.

Earlier this week, shares of the company gained 10 per cent touching its upper limit on the bourses in the wake of the government unveiling a draft Bill to tighten regulation of the micro finance sector.

Meanwhile, both the benchmark indices, the Sensex and the Nifty settled the day in positive territory. The BSE's Sensex ended at 18,618.20, up 22.18 points, while the NSE's Nifty ended at 5,599.80, up 14.35 points.