SKS Microfinance drops 2% as IDRA imposes penalty

SKS Microfinance, a non-banking finance company, dropped on Thursday after Insurance regulator Insurance Regulatory and Development Authority (IRDA) imposed Rs 5 million penalty on the company which collected extra funds, apart from the premium, as a corporate insurance agent without proper disclosure to policy-holders.

IRDA has asked SKS to remit the penalty within 15 days from the date of receipt of the order. Shares ofthe companyare trading at Rs 143.70, down Rs 3, or 2.04% at the Bombay Stock Exchange (BSE) on Thursday at 10:41 a.m.The scrip has touched an intra-day high of Rs 144.80 and low of Rs 141.20. The total volume of shares traded at the BSE is 100,138.In the earlier session, the shares rose 1.35%, or Rs 1.95, at Rs 146.70. Currently, the stock is trading down 27.75% from its 52-week high of Rs 198.90 and above 164.15% over the 52-week low of Rs 54.40..

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 137.80 8.90 6.46 1 Month 175.80 (29.10) (16.55) 3 Months 136.60 10.10 7.39 6 Months 120.55 26.15 21.69 1 Year 138.20 8.50 6.15 Note: Based on previous day closing price.