India's Fusion Finance sinks on Q1 loss, asset quality stress concerns

Fusion Finance

07/08/2024 05:14

** Shares of Fusion Finance  FUSN.NS  fall 20% to 346.4
rupees, hitting lower limit of exchange-mandated trading band
    ** Stock set for worst day on record, and hits its lowest
since November 2022
    ** Microfinance lender reports Q1 loss of 356.2 mln ($4.2
mln), hurt by a surge in provisions
    ** Motilal Oswal downgrades stock to "neutral," sees risk of
further asset quality stress due to floods across India
    ** Ambit notes asset quality stress for FUSN worse and
spread across more states vs peers
    ** FUSN extends YTD losses to 40%

($1 = 83.9125 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))