(Corrects media product packaging code to “IDFC FIRST BANK-STOCKS/” from “IDFC FIRST BANK-STOCK/”)
(Reuters) -Shares of IDFC First Bank dropped almost 7% on Monday to their least expensive in 21 months after the personal lending institution reported its third-quarter earnings greater than cut in half, injured by greater negative car loan arrangements in the microfinance organization.
IDFC First Bank, on Saturday, reported that gross slippages, or the car loans identified as non-performing for the very first time, in the microfinance sector leapt almost 49% on-quarter to 4.37 billion rupees.
“The microfinance industry continues to drag earnings and we see the pain continuing for three-four quarters,” experts at Jefferies claimed in a note.
The supply is down around 9% until now this month, after shedding almost 29% in 2015.
(Reporting by Sethuraman NR; Editing by Eileen Soreng)
