SKS tanks over 6 pc after Akula, Sequoia Capital sell shares

MUMBAI: Shares of SKS Microfinance today tanked over 6 per cent after its founder Vikram Akula and private equity firm Sequoia Capital offloaded over 24 lakh shares of the firm for nearly Rs 32 crore yesterday.

Despite a bullish opening, shares of the company went into a tailspin and fell 7.52 per cent to Rs 122.35 in intra-day at the BSE. It finally settled at Rs 124.20, down 6.12 per cent from its previous close. At the NSE, the stock ended 3.87 per cent lower at Rs 124.25.

Akula, former chairperson who was later forced out of the country's only listed microfinance firm, yesterday sold his entire residual holding of 9,06,724 shares, or 0.84 per cent stake for Rs 12 crore, according to data available with bourses.

Besides, Sequoia Capital, which has been a promoter entity and an early stage investor, also sold 15 lakh shares of the company for around Rs 20 crore.

The company's shares had bucked overall market's falling trend yesterday and had risen nearly 12 per cent.

As of June quarter, Sequoia Capital held 41.12 lakh shares, amounting to 3.80 per cent, of SKS Microfinance.

The shares were offloaded on an average price of Rs 132 through open market route, data showed.

Meanwhile, SKS Mutual Benefit Trust Medak picked up 10.25 lakh shares of the microfinance player in a transaction worth Rs 13.41 crore.