Sensex ends in the red; sheds over 300 points
Thursday was not good for the Indian stock market. At the end of the business, the market has lost three days of continuous gain and the Sensex shed more than 300 points. The Sensex closed 318 points lower and closed at 38,897 level. Nifty fell by 90 points and stood at 11596.
Yase Bank’s share fall big
At the end of the business, Yes Bank’s shares lost more than 12 per cent. However, during the business, this decline had reached 16 percent. Since August 2018, Yes Bank has lost 78% in stock. It has also seen the effect of the bank’s founder and former CEO Rana Kapoor on his networth. During this, Rana Kapoor had to suffer a loss of one billion dollars (7,000 crore).
Why such a big drop
Actually, YES Bank has announced results for the current financial year. On a year-on-year basis, the bank’s profits fell 91 percent. Apart from this, the increase in the bad loans of the bank has also been recorded. The bank’s net profit in the first quarter stood at Rs 113.76 crore, which was Rs 1,260.36 crore in the same quarter last fiscal. In the first quarter, the bank’s NPAs registered an increase of 5.1 per cent, which was 3.22 per cent in the fourth quarter of the last fiscal ended March 31.
In addition to Yes Bank, IndusInd Bank shares in ONGC, Tata Motors, Mahindra, Vedanta, Maruti, Bajaj Auto, TCS, SBI and HCL were closed in the red mark. However, shares of HDFC, Kotak Bank, HDFC Bank, Bajaj Finance and ITC remained in green mark. The rupee on Thursday rose 9 paise to 68.73 against the dollar on Thursday.
