Tue. Oct 20th, 2020

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Adani Electricity sells Yes Bank shares worth ₹202 crore

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Adani Electricity Mumbai Ltd, the electricity distribution arm of Adani group that supplies power to India’s financial capital, sold Yes bank shares worth 202 crore through open market transactions on Thursday, according to data available with the stock exchanges.

The bulk deal data available with NSE showed that Adani Electricity Mumbai sold 15 crore shares at an average price of 13.45 apiece, with the transaction value at 201.75 crore.

On Tuesday, Life Insurance Corp of India had said that it has bought additional shares of the lender through open market purchases.

Earlier this month, Moody’s Investors Service upgraded Yes Bank’s long-term foreign currency issuer rating by a notch from Caa1 to B3 after the private lender raised 15,000 crore in a follow-on public offer in July.

Yes Bank reported a 60% year-on-year decline in its standalone profit for the June quarter to 45 crore while net interest income declined 16.3% to 1,908 crore from 2,281 crore a year ago.

On Friday, shares of Yes Bank traded nearly 5% higher at 14.10 apiece on the NSE. Since the beginning of the year, the stock has lost 71% in value compared with an 8% decline in the benchmark Nifty.

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