Bharat Financial slumps 6%

Yesterday, there was a conference call with analysts scheduled with management of Bharat Financial. And the market was not very happy with what emerged out of the call. It was learnt during the call that around 4.5% of its loan portfolio now faces risk of turning bad as outstanding loans to the tune of Rs.306 crore has seen no recovery over the past two months.

The management while replying queries on the same said that it would take a couple of months to normalize and some improvement was being seen in pockets of Maharashtra and UP.

Post its Q3FY17 numbers brokerage houses have as such reduced their weightage with many giving a sell and reducing target prices.

The market did not take too kindly to this news and the stock price tanked 6% during intra day to Rs.754.25. It has recovered since then but remains in the red, down some 2.5%.