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

Jan 23 2014, 18:18 IST
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Shares of Mahindra and Mahindra Financial down 3.5 percent. Reuters Shares of Mahindra and Mahindra Financial down 3.5 percent. Reuters
SummaryMahindra & Mahindra Financial Services Ltd fell as much as 6 percent.

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.

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