Credit Suisse cuts SKS Microfinance to underperform

Credit Suisse today downgraded lender SKS Microfinance to "underperform" from "outperform" and cut the price target to Rs 323 from Rs 1,575, citing continued uncertainty on the microfinance business model.

Credit Suisse on Monday downgraded lender SKS Microfinance to "underperform" from "outperform" and cut the price target to Rs 323 from Rs 1,575, citing continued uncertainty on the microfinance business model.

HT Image

SKS's March quarter results were weaker-than-expected, the investment bank said. SKS had reported on Friday a net loss of Rs 697.7 million rupees ($15.6 million) for the fiscal fourth quarter, compared with a profit of Rs 628.9 million a year earlier.

At 10.16am (0446 GMT), shares of SKS were down 6.4% at Rs 310.55.