Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Yes Bank Drops Over 6% After Picking Up 9.47% Stake in Eveready

Yes Bank stock fell as much as 6.2% to Rs 90.20 in intraday trade on Friday. Meanwhile, Eveready Industries shares jumped over 3% in early trade.

Trending Desk

Updated:July 5, 2019, 12:03 PM IST
facebookTwitterskypewhatsapp
Yes Bank Drops Over 6% After Picking Up 9.47% Stake in Eveready
Image for representation. (Photo: Reuters)
Loading...

Yes Bank Ltd shares dropped over 6% in early trade on Friday after the lender informed the exchanges that it has acquired 9.47% stake in Eveready Industries by invoking pledged shares.

Yes Bank stock fell as much as 6.2% to Rs 90.20 in intraday trade on Friday. Meanwhile, Eveready Industries shares jumped over 3% in early trade.

Yes Bank acquired around 6.9 million shares of Eveready Industries on the invocation of pledge after McLeod Russel defaulted on its loan. Eveready Industries and Mcleod Russel India are both part of B M Khaitan Group companies. Shares of McLeod Russel also fell 5% on Friday.

“Shares have been acquired pursuant to invocation of pledge of shares of Eveready Industries India Ltd subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to McLeod Russel India Ltd which is a group company of BM Khaitan Group,” Yes Bank said.

In a recent development, Price Waterhouse and Co Chartered Accountants LLP (PwC) quit as Eveready Industries’ auditor, saying it was unable to obtain sufficient audit evidence of inter-company deposits and its recovery.

Yes Bank shares have dropped over 70% in the last one year compared with a 12% rise in the benchmark Nifty 50 index. The stock has been under tremendous pressure due to a series of downgrades and fears of further slippage in asset quality.

Yes Bank recently underwent a massive balance sheet clean-up task under new chief executive Ravneet Gill. It posted a whopping Rs 1,506 crore net loss during the March quarter as provisions soared over nine times.

Gill, however, assured investors last month that the worst is over for the bank and there are unlikely to be any further nasty surprises due to higher bad loans or slippages from its watchlist.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 98.40 -5.25
Kotak Mahindra 1,534.60 2.21
Interglobe Avi 1,465.25 1.38
IndusInd Bank 1,501.25 1.90
Indiabulls Hsg 668.20 3.38
Company Price Change %Gain
Yes Bank 98.45 -5.25
HDFC 2,285.00 0.34
SpiceJet 141.95 7.74
Tata Elxsi 742.40 -8.90
Indiabulls Hsg 667.80 3.36
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 668.20 3.38
UPL 659.75 2.78
SBI 372.40 2.21
Kotak Mahindra 1,537.65 2.41
Tech Mahindra 693.00 2.52
Company Price Change %Gain
SBI 369.80 1.52
HCL Tech 1,041.00 2.06
Kotak Mahindra 1,539.10 2.44
IndusInd Bank 1,502.00 1.94
Asian Paints 1,394.80 1.67
Top Losers
Company Price Change %Gain
Yes Bank 98.40 -5.25
Eicher Motors 18,433.70 -3.19
GAIL 143.40 -2.68
ONGC 149.90 -1.54
NTPC 129.10 -1.41
Company Price Change %Gain
Yes Bank 98.45 -5.25
ONGC 149.85 -1.64
Maruti Suzuki 6,074.00 -1.39
Bajaj Auto 2,695.00 -1.36
Coal India 230.05 -1.18

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results