Spandana Sphoorty Financial sells Rs 304.41 crore of stressed loans for Rs 16.74 crore

Spandana Sphoorty Financial has sold stressed loans worth Rs 304.41 crore to an asset reconstruction firm for Rs 16.74 crore. The sale, approved by the board, includes written-off loans and was conducted through an open bid method. The company's gross non-performing assets ratio rose to 2.6% as of June-end, impacting its net profit.