India's Poonawalla Fincorp tanks on Q2 loss

Poonawalla Fincorp

25/10/2024 10:53

** Shares of Poonawalla Fincorp  POON.NS  extend losses to
fall 13.7% to 309.50 rupees, hitting their lowest in over a year
    ** POON shares, which were down ~6% before results, fell as
much as 15.9%
    ** Non-banking finance co posts a 4.71 billion rupee ($56
million) Sept-qtr consol net loss compared to a profit of 8.60
billion rupees a year earlier
    ** POON set for fourth straight session of losses
    ** Busiest session for the stock in over two months; more
than 6.7 mln shares change hands, over four times the 30-day avg
    ** Avg rating of analysts covering the stock is "buy" while
peer Mahindra and Mahindra Financial Services  MMFS.NS  is
"hold"; POON's median PT is at 427.50 rupees - LSEG data
    ** Stock down ~30% so far this year vs a ~3% fall in MMFS

($1 = 84.0700 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))