Rs. 87 crore-investment by Jhunjhunwala in Yes Bank

Rs. 87 crore-investment by Jhunjhunwala in Yes Bank

Agency News

Man known for quirky moves in the world of share market, Rakesh Jhunjhunwala has purchased a total of 1.29 crore shares in the controversial Yes Bank.

The bank shows some weak signals after reported a net loss of Rs. 600 crore for the quarter ended September 30, as against a net profit of Rs. 965 crore in the corresponding period a year ago. Its asset quality worsened, with gross non-performing assets (NPA) as a percentage of total advances rising to 7.39 per cent in the July-September period, from 5.01 per cent in the previous quarter.

Top sources said that the purchase was for an average price of of Rs. 67.10 per share. BSE bulk deal data also reveals the price. After the news, the share price of Mumbai-based Yes Bank soared 8.77 per cent to hit Rs. 71.90.

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.

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 per cent.