SKS Micro slumps 4.5%

SKS Microfinance is down in the red today, currently languishing at Rs.126.40, down 4.5%, which is around the intra day low of Rs.125.45.

The stock is down after the founder, Vikram Akula and private equity firm Sequoia Capital sold over 24 lakh shares of the Hyderabad-based firm for nearly Rs 32 crore. Akula sold his entire residual holding of 9,06,724 shares, or 0.84 per cent stake Rs 12 crore and this brings to naught the speculations making rounds of Akula planning to make a comeback in the company.  SKS Mutual Benefit Trust Medak picked up 10.25 lakh shares.

SKS  Trust is thus now the single largest shareholder in SKS, with a total stake at 12.6%. This Trust comprises of five mutual benefit trusts whose beneficiaries are self-help groups of borrowers of SKS Microfinance.