Spandana Sphoorty plunges 16% on weak Q2 results; tanks 69% from 52-wk high

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Spandana Sphoorty plunges 16% on weak Q2 results; tanks 69% from 52-wk high - Business Standard

Quick Summary:

Covid-19, in particular, introduced new challenges, aggravating existing vulnerabilities in the sector by heightening credit risks and the likelihood of loan default by borrowers.

Meanwhile, socio-political intervention risk and regulatory uncertainty, apart from risks emanating from unsecured lending and the marginal profile of borrowers (who are vulnerable to economic downturns), besides operational risks related to cash-based transactions have hit the sector.

A number of other issues like higher-than normal attrition levels, localised drives like Karza Mukti Abhiyan and increasing leverage of borrowers all had an impact on the sector, according to the management.