Home Finance Rakesh Jhunjhunwala Buys Yes Bank Shares Worth Rs. 87 Crore

Rakesh Jhunjhunwala Buys Yes Bank Shares Worth Rs. 87 Crore

Ace investor Rakesh Jhunjhunwala has purchased Yes Bank shares worth Rs. 87 crore. Rakesh Jhunjhunwala purchased a total of 1.29 crore shares in the private sector bank at an average price of Rs. 67.10, according to bulk deal data from the BSE. At that price, the stock purchase by Mr Jhunjhunwala amounts to around Rs. 87 crore. Shares in Mumbai-based Yes Bank soared 8.77 percent to hit Rs. 71.90 at the strongest level during Tuesday’s session after the news.

Yes Bank had informed stock exchanges last week that it had received a binding offer of investment worth $1.2 billion from a global investor.

Last week, Yes Bank reported a net loss of Rs. 600 crore for three months which ended by September 30, as against a net profit of Rs. 965 crore in the corresponding period a year ago. Its asset condition has become very worse, with gross non-performing assets (NPA) as a portion of total advances rising to 7.39 percent in the July-September period, from 5.01 percent in the previous quarter.

Yes Bank’s net non-performing assets (NPAs) – or bad loans – increased to 4.35 percent in the second quarter of the current financial year, from 2.91 percent in the quarter ended June 30. Yes Bank shares have witnessed heavy selling pressure so far this calendar year on account of the lender’s worsening asset quality. On October 1, Yes Bank shares hit an all-time low of Rs. 29, taking the year-to-date losses to 84 percent.

As of 12:56 pm, Yes Bank shares traded 2.8 percent higher at Rs. 67.95 apiece on the BSE, outperforming the benchmark Sensex index which was down 0.38 percent.

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