The stocks reacted after the company said in the press release that "we expect an under recovery of revenue on certain gold loan port folios due to correction in the gold price. This may result in reduction in profit numbers for the 4th quarter ending March 31, 2013."
The scrip has plunged almost 28.61% over Tuesday and Wednesday.
The Company's net profit in Q3 was down at Rs 84.4 crore against Rs 161.4 crore, year-on-year, (YoY).
Shares of the Manappuram were trading at Rs 23.10 lower by 16.61% on BSE at 2.00 pm IST. It touched an intra-day low of Rs 22.25