The stocks of this payment services company are hitting the floor. Know why

Shares of mid-sized payment services firm RS Software plunged after first quarter sales and profit shrank on a sequential basis and the company failed to make an announcement over dividend.

RS Software plunged 14.7 percent or 28 rupees to 163.30 rupees on the National Stock Exchange. The stock has fallen 17 percent in the past 3 months, ahead of earnings.

First quarter profit fell to 11 crore rupees from 15.5 crore rupees in the March quarter, RS Software said in an exchange filing. Quarterly Sales during April-June slid to 69.8 crore rupees from 76.6 crore rupees in January-March, according to the filing.

The company declined to declare dividend for the past quarter, pushing shares to 3-week lows.

(Image credits: rssoftware)