ECONOMY

M&M Financial Shares Slump As Brokerages Criticise Q4 Performance, Cut Price Targets

Shares of Mahindra & Mahindra Financial Services Ltd. fell to the lowest in more than two months after analysts highlighted muted disbursements, loss of market share across key segments and growth challenges.

The company posted an 8% sequential decline in net profit at Rs 219 crore in the quarter ended March, according to an exchange filing. The bottom line for the full fiscal was 28% lower than the preceding year at Rs 780 crore.

Shares of M&M Financial fell as much as 9.92% during the day but pared some of the losses to trade 8.64% lower as of 2 p.m. on Monday. Of the 34 analysts tracking the company, 17 have a ‘buy’ rating, 13 suggest a ‘hold’ and four recommend a ‘sell’, according to Bloomberg data. The average of the 12-month consensus price targets implies an upside of 17.6%.

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