Manappuram Finance plunges 10% on weak Q2 numbers

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Manappuram Finance plunges 10% on weak Q2 numbers
Manappuram Finance: Quotes, News
BSE 99.80BSE Quote2.6 (2.61%)
NSE 99.90NSE Quote2.7 (2.70%)
Shares of the Manappuram Finance plunged more than 10% after the company reported 20% drop in its net profit at Rs 108 crore for the quarter ended September 2012.

The company shares were seen trading at Rs 34.20, lower by 10.35% on BSE at 11.30. It touched an intra-day low of Rs 32.20

Net interest income stood at Rs 321 crore, which came lower than analysts' expected. Other income rose marginally to Rs 11 crore against Rs 10.40 crore from year back.

Earlier in March, 2012, the RBI instructed that the Loan-to-Value(LTV) ratio should not exceed 60% for loans granted against the collateral of gold jewellery and should be disclosed in their balance sheet. d not grant any advance against bullion / primary gold and gold coins.

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