SKS Microfinance rallies for second straight day as RBI raises borrowing limits

Shares of SKS Microfinance Ltd continued its rally for second straight day and gained as much as 2.15 per cent in intraday trade, hitting 52-week high on Wednesday after RBI raised borrowing limits for an individual by micro-finance institutions yesterday. The stock later slipped into red and fell as much as 1.97 per cent in intraday trade.

The stock ended in red, down 1.42 per cent or Rs 7.30 at Rs 506.65.

The stock had gained 9.55 per cent in intraday trade on Tuesday and ended at Rs 513.95, up 8.61 per cent or Rs 40.75.

Total indebtedness of a borrower, excluding educational or medical expenses, not to exceed Rs 100,000 ($1,600) vs Rs 50,000 earlier, RBI said.

Detailed guidelines will be issued shortly, RBI's policy statement added.