It has been revealed that there was a slump of 10% recorded in the early trade conducted by SKS Microfinance, which is the only listed microfinance firm in the nation. This move came after the net loss that the firm bore of about 218.7 crore for the last quarter.

The opening was a low one, but there was a further slope recorded as the stocks moved down further by 9.86% to reach the low of Rs. 470.25 as per the BSE. The trading went a tad bit stable when the stocks managed to ward off the losses and went to a position of Rs. 504.40, which was 3.32% than the previous closing mark.

The NSE also saw a plunge of 10% and it went down to a position where it was Rs. 470.05. It did find some strength later though and became Rs. 503.60 in the later stage. There was a net loss reported of Rs. 218.7 crore for the last quarter. The net profits of the firm stood at Rs. 66.7 crore during the same time last year.

''In the absence of virtual certainty of future taxable profits … the net deferred tax asset amounting to Rs94.76 crore as at 30 June has not been recognized, in accordance with the requirements of Accounting Standard 22. This will be available to offset taxes on future taxable income”, SKS said in a statement.