JPMorgan Cuts Share Price Target; SKS Microfinance Stock Falls 16.3%

Shares in SKS Microfinance (SKSM.NS) fell 16 percent on Friday to an all-time low after JPMorgan cut its share price target by more than half, citing weakening of its business model.

The stock fell 16.3 percent to 346 rupees after JPMorgan slashed the price target to 200 rupees from 550 rupees.

SKS, India's largest and only listed microfinance institution, is expected to post results for the fiscal fourth quarter and the prior fiscal year on Friday.

JP Morgan also said it expected the company to post a loss of 7 billion rupees for this fiscal year.