SKS Mocrofinance hits lower circuit, down 5%

NEW DELHI: SKS Microfinanace Ltd has hit the lower circuit filter of 5% at Rs 316.95. Negative news continues to flow in the stock. The newspaper of this website reported this morning that Vikram Akula, founder-Chairman of SKS Microfinance, is under threat of losing control over the company which he launched in 1998

According to this report in the The EconomicTimes, "Some board members of SKS Microfinanace Ltd, the country’s only listed MFI, have suggested that Akula step down as executive chairman. They feel since Akula has to travel frequently, it is difficult for him to devote time as a full-time executive".

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Recently, Pramod Bhasin, former CEO of outsourcing firm Genpact, resigned from the company's board on Friday. Company circles said Bhasin left the company to pursue his plans to enter financial services.

The country's largest and only listed micro finance company SKS did not immediately give any reason for the resignation. "In a separate disclosure to the BSE, SKS said the UK-based Genesis Asset Managers has sold 0.28 per cent stake in the company", according to reports.

A combined 224,847 shares have changed hands on the counter till 1336 hours. For the year the stock has plunged over 50%.