It looks like the recession period isn’t going to end son as popular banks like Yes Bank are showing terrible signs. You will be surprised to know that Yes Bank has lost 43 percent of its share price in the last 5 trading sessions. In the single trading session of Tuesday, its price fell by nearly 23 percent. During these 5 days of fall, the market valuation fell by Rs 4,828.94 crore.
Talking about the reason, “The Indian equity indices witnessed sharp fall today following heavy selling in banking stocks due to rising fears of their exposure to troubled real estate/housing finance companies,” Ajit Mishra, Vice President, Research, Religare Broking said.
Seeing the news, here’s how Netizens reacted:
— mafia panda (@Im_MafiaPanda) October 1, 2019
— Ritesh (@WithRitesh) October 1, 2019
#yesbank become No bank,
Save the economy before
Bank of Baroda becomes Bank of Bagoda🙄
— Touissant L’overture (@tamilthimir) October 1, 2019
1. Me when I bought yes bank share at cost of 182.30 in Dec 2018
— M Mukesh (@mukeshmn_) October 1, 2019
Current Price of #yesbank shares: 32/-
— सरकार-ए-आज़म (@RajivTweets_) October 1, 2019
Note that, RBL Bank also witnessed huge selling in stocks with price falling 8.71 percent to close at Rs 300.10 on the BSE. During the trading session, it dropped 22.25 percent to Rs 255.60- its 52-week low.
“With big crack in IB Housing yesterday (Monday), there are lots of rumours floating in the market about further stress in the financial system. The issues in Altico and PMC Bank also are adding fuel to these rumours. In such an environment, it is easy for bears to create panic,” VK Vijaykumar, Chief Investment Strategist, Geojit Financial Services commented on sharp fall in Yes Bank and RBL Bank.
Quote source: news18