Indian lender SKS Microfinance, whose shares have taken a massive beating, expects near-term pain for the company and predicts consolidation in the embattled Indian microfinance sector, top executives said on Tuesday.

"There could be a near-term pain for a quarter or two," Dilli Raj, chief financial officer of SKS said on Tuesday.

SKS shares gained 8 percent on Tuesday, after losing 34 percent in the last two trading days and touching their all-time low.

The shares slid 20 percent last Friday after analysts forecast a gloomy outlook for the sector and cut the price target on the stock. They plunged another 19 percent on Monday, after the microlender said late Friday it swung to a big quarterly loss.

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