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Share market highlights: Yes Bank shares plunge ahead of Q2 results; Sensex closes 36 points up

The Financial Express logo The Financial Express 01-11-2019

Shares of private sector lender Yes Bank closed 6% lower at Rs 66.10 ahead of its Q2 results scheduled to be reported today.


Yesterday, the firm said that it has received a binding offer for $1.2 billion capital infusion. The headline Sensex closed 36 points higher at 40,165, while the Nifty ended the session very close to the 11,900-mark.

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IndusInd Bank, Tata Steel, VEDL, Tech Mahindra shares were among the biggest gainers, closing up to 5% higher.

Yes Bank, TCS, M&M, Asian Paints were among the biggest losers, plunging up to 6% on BSE.

Global brokerage firm Morgan Stanley said that it has maintained an underweight rating on Yes Bank shares, despite the billion dollar investment proposal, as the lender has a very high exposure to stressed sectors. Yesterday, Yes Bank share price surged 38% after the private lender announced that it has received a binding offer from a global investor.

The stock touched an intraday high of Rs 78.70 from the previous close after the announcement of an offer from a global investor for an investment of $ 1.2 billion through fresh issuance of equity shares. The bank also said it was in advanced talks with other investors.

GST collections in October missed Rs 1 lakh crore target for the continuous third month. The collections in October stood at Rs 95,380 crore, which is higher than the 19-month low collection of Rs 91,916 in the previous month. 

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