Bharat Financial Inclusion fell 9.46% to Rs 824.60 at 15:08 IST on BSE following the arrest of the company's President S Dilli Raj by the Enforcement Directorate.
Meanwhile, the S&P BSE Sensex was down 32.15 points, or 0.11%, to 27,970.97.
On BSE, so far 8.83 lakh shares were traded in the counter, compared with an average daily volume of 2.07 lakh shares in the past one quarter. The stock hit a high of Rs 890.80 and a low of Rs 819 so far during the day. The stock hit a 52-week high of Rs 938.75 on 29 July 2016. The stock hit a 52-week low of Rs 369.45 on 18 September 2015. The stock had outperformed the market over the past one month till 1 August 2016, rising 23.95% compared with 3.16% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 50.79% as against Sensex's 9.36% rise.
The large-cap company has an equity capital of Rs 127.59 crore. Face value per share is Rs 10.
Bharat Financial Inclusion, formerly known as SKS Microfinance, announced after market hours yesterday, 1 August 2016, that its President S Dilli Raj was arrested by the Enforcement Directorate (ED) in connection to a complaint filed by IDBI Bank against First Leasing Company of India. S Dilli Raj previously worked in First Leasing Company of India.
Bharat Financial Inclusion clarified that the investigation does not in any way relate to the company. Dilli Raj had earlier issued a personal statement on 19 October 2015 stating that he had resigned from First Leasing Company of India on 22 November 2007 and was relieved on 18 January 2008. He had stated that all loans taken during his tenure have been repaid by First Leasing and that the complaint filed by IDBI Bank relates to loans sanctioned during the years 2012 and 2013, which was six years after he ceased to be an employee of First Leasing. Dilli Raj also had clarified that his role was confined to treasury operations and he did not authenticate or sign any financial statements of First Leasing.
Bharat Financial Inclusion's net profit surged 285.7% to Rs 235.91 crore on 46.5% increase in total income to Rs 414.12 crore in Q1 June 2016 over Q1 June 2015.
Bharat Financial Inclusion formerly SKS Microfinance is among the largest microfinance companies in India.
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