Srei Infra falls 15%

Srei Infrastructure Finance, on Saturday, reported a consolidated net loss of Rs 3,811 crore for Q3FY21 on account of higher and accelerated provisioning as a prudent measure.

The company said that its total consolidated provisioning was at Rs 3,100 crore for the period under review, with the pandemic impacting its recovery, leading to an asset- liability mismatch.

In November, due to a sharp deterioration in the books of its subsidiary, Srei Equipment Finance, a special audit was undertaken by an auditor appointed by RBI.

Hemant Kanoria, chairman Srei, said that the current financial year has been one of the most challenging years in the company’s history of more than three decades.

Its consolidated total income fell sharply by 66% to Rs 484.35 crore. Assets under management (AUM) stood at Rs 41,298 crore v/s Rs 45,157 crore  (YoY).

Following this performance, the stock plunged almost 15.5% today morning to Rs.6.23 levels  while its 20% LC for the day is at Rs.5.90.