Shares in SKS Microfinance tumble to all-time low

Shares in SKS Microfinance, the country's only listed microfinance lender, tumbled to a record low on late Monday afternoon, on the back of renewed fears about the sector's future profitability.

Citigroup downgraded SKS to "sell" from "hold" on Thursday and cut its earnings estimates to factor in reduced lending rates, higher funding costs and lower growth.                                            

At 3:14 pm (0944 GMT), shares in SKS tumbled as much as 9.5% to Rs599, their lowest ever since they listed in August, while the main stock index traded 0.1% higher.