Mahindra & Mahindra Financial Services falls on lower Oct-Dec earnings

Written by Reuters | Updated: Jan 23 2014, 23:48pm hrs
Mahindra and Mahindra FinancialShares of Mahindra and Mahindra Financial down 3.5 percent. Reuters
Mahindra & Mahindra Financial Services Ltd fell as much as 6 percent after reporting October-December net profit fell 18 percent on year to 1.64 billion rupees ($26.52 million).

Edelweiss said Mahindra & Mahindra Financial earnings "came much below estimates," citing an increase in asset quality stress and gross non-performing loans, as well as weakness in southern India.

Shares of Mahindra & Mahindra Financial down 3.5 percent at 0647 GMT.