Rakesh Jhunjhunwala buys 1.3 crore Yes Bank shares for Rs 87 crore

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Published: November 5, 2019 12:39:17 AM

The private lender had reported a net loss of Rs 600 crore for the quarter ended September 2019 on the back of a one-time deferred tax adjustment of Rs 709 that the bank had taken to avail of the lower tax rate announced by the government.

yes bank, banking sectorYes Bank — the worst performer on Sensex so far in 2019 — has declined 63.6% on the back of another 42.3% fall in its shares in 2018.

Billionaire investor Rakesh Jhunjhunwala has bought nearly 1.3 crore shares in Yes Bank through a bulk deal on Monday. Jhunjhunwala has acquired this stake in the private bank at an average price of `67.10 per share, amounting to Rs 86.89 crore. The purchase represents 0.51% of total equity of the bank. Sellers were not known.

Yes Bank — the worst performer on Sensex so far in 2019 — has declined 63.6% on the back of another 42.3% fall in its shares in 2018.

The Sensex has gained 11.7% since January.

The private lender had reported a net loss of Rs 600 crore for the quarter ended September 2019 on the back of a one-time deferred tax adjustment of Rs 709 that the bank had taken to avail of the lower tax rate announced by the government.

The net profit would have been Rs 109 crore had the one-time tax adjustment not happened. The management mentioned in a call with analysts that the board would evaluate the binding offer of $1.2 billion it had received in November.

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