SKS Microfinance Ltd., India’s largest publicly traded lender to the poor, rose the most in 10 months after saying it will cut jobs and the government approved a bill shifting oversight of the industry to the central bank.
Tanda Srinivas was lounging in the yard of his two-room house in the southern Indian village of Mondrai shortly after noon on Oct. 28 when his wife, Shobha, burst out of the door covered in flames and screaming for help.
SKS Microfinance Ltd. ’s Chairman Vikram Akula said conflicts emerged between former Managing Director Suresh Gurumani and the management after the company’s initial public offering, leading to his termination.
SKS Microfinance Ltd. fell as much as 1.7 percent in Mumbai trading after Chairman Vikram Akula said yesterday that the lender terminated former managing director Suresh Gurumani’s appointment because of differences he had with the management. Shares declined 0.8 percent to 1,262.55 rupees as of 9:04 a.m. local time.
SKS Microfinance Ltd. , the Indian lender backed by George Soros , has “adequate liquidity” and doesn’t need emergency funding amid new lending rules that limit interest rates, the company’s chairman said.
A quarter of Indian microfinance companies may fail after a clampdown last month in their biggest market pared debt payments and curtailed bank financing, said N. Srinivasan, who consults for organizations including the World Bank and the Asian Development Bank.