Electronic-payment company Euronet Worldwide Inc. cut its financial projections for the quarter, citing a cash crunch that is wreaking havoc through India’s economy.
Shares, up 3% this year, fell 5.4% to $70.66 in after-hours trading.
India, which is replacing its largest-denomination bank notes to fight corruption and counterfeiting, is the fifth-largest market by revenue for the Kansas-based company, accounting for $78.7 million in revenue last year, according to regulatory filings.
Euronet has more than 12,000 ATMs in India along with a strong presence in the lucrative remittances market.
Company officials, who estimate the money issues should be resolved by the beginning of next year, now expect to make 98 cents to $1 a share in adjusted profit in the fourth quarter, down from their earlier projection of $1.07 a share.
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