Spandana Sphoorty Hit by Rs 7.8 Cr Cyber Fraud, Shares Fall

New Delhi: Microfinance firm Spandana Sphoorty Financial on Monday informed exchanges about a cyber fraud worth Rs 7.8 crore, saying the amount was debited from one of its bank accounts.

According to the exchange filing, the debited money was transferred to 82 accounts. The company suspended the affected services immediately after identifying the incident.

The company has brought the matter to the notice of the account-holding bank and asked for the transactions to be reversed, beneficiary accounts to be frozen, and a detailed inquiry to be launched.

Spandana Sphoorty has registered a complaint on the National Cyber Crime Reporting Portal and is also filing an insurance claim for the cyber fraud. Other relevant authorities are being kept informed.

The company stated that it is investigating the incident and will update the exchanges on any new developments.

Earnings and portfolio snapshot

The company posted a consolidated net profit of Rs 18 crore for the September quarter, with standalone net profit at Rs 35 crore.

The group's assets under management increased 31 percent on a yearly basis to Rs 5,364 crore by the end of September. Gross NPA ratio improved to 2.54 percent, and net NPA was 0.50 percent.

Stock market reaction

On the BSE, Spandana Sphoorty shares fell 4.13 percent to Rs 180.90 on Monday. The stock has a 52-week high of Rs 319.70 and a 52-week low of Rs 175. Its returns have been negative over the past one year (down 27.36 percent), three years (down 77.52 percent), and five years (down 63.50 percent).