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SKS Microfinance shares fall

October 4, 2010

Shares in lender SKS Microfinance fell nearly 9 percent in tradeĀ on Monday after the firm said it had terminated the appointment of its chief executive.

The stock ended 5.8 percent lower.

SKS, India’s largest microlender that raised about $358 million in an IPO in August, said in a notice it had withdrawn all powers granted to Suresh Gurumani, MD and CEO, with immediate effect, without giving any reason.

Founded by Vikram Akula, a former McKinsey consultant who was named one of the world’s most influential people by Time magazine, SKS has nearly 7 million clients and has disbursed close to $3 billion in total.

Would you take advantage of this fall and invest in this stock?

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