Shares of non banking finance company Shriram Transport Finance fell as much as 3.5 per cent to Rs 991 in Thursday's session to their lowest level since October 19, 2018.

The company posted a 22.4 per cent fall in March-quarter profit to Rs 746 crore.

Reported NIM fell to 7.22 per cent impacted by higher funding costs and higher cash balance maintained during the fourth quarter.

Global brokerage Jefferies has maintained 'buy' rating on the stock but trimmed the target price to Rs 1,200 from Rs 1,240.

About 14 lakh shares of the company changed hands by 0455 GMT, compared with the 30-day average of around 11 lakh shares.

The stock has come off 17.15 per cent this year, while peers Mahindra And Mahindra Financial Services fell 20 per cent and Bajaj Finance rose 10.4 per cent as of the last close.

Shares of Shriram Transport Finance traded 0.94 per cent down at Rs 1,017.60 on NSE around 12:20 pm.