Manappuram Fin tanks over 14% on low profit concerns

Mumbai: Shares of Manappuram Finance today slumped over 14 percent in morning trade, after the company said its profit may reduce in the fourth quarter ending March 31, 2013.

After making a weak opening, shares of the gold loan provider further tumbled by 13.53 percent. Reuters[/caption]

After making a weak opening, shares of the gold loan provider further tumbled by 13.53 percent to Rs 23.95 on the BSE. The fall was more sharp at the NSE, where the stock nosedived 14.25 percent to Rs 23.75. In the previous session the scrip had tanked 20 percent.

In a filing to the BSE last evening Manappuram had said: "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."

PTI