Wed. Sep 30th, 2020

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Yes Bank sells 2.66% stake in CG Power in multiple tranches

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Yes Bank Ltd has sold 16.65 million shares, constituting 2.66% of the paid-up share capital, of CG Power & Industrial Solutions Ltd in multiple tranches over the past few days, the lender said in a filing to stock exchanges.

The bank now holds 10.12% stake in CG Power.

At 09:39 am, shares of Yes Bank Ltd were up 2.49% to 26.75, CG Power fell 4.97% to 9.76 and the benchmark index, Sensex gained 0.39% to 36498.88.

On Wednesday, shares of CG Power fell 5% to close at 10.27 on the BSE and Yes Bank gained 1.36% to close at 26.10, while the benchmark index, Sensex lost 0.94% to close at 36329.01.

Since the beginning of the year, CG Power lost 5% and Yes Bank has lost 44% against a fall of 12% in the Sensex. From March lows, shares of CG Power more than doubled and Yes Bank shares rose close to five times, while Sensex was up 42%.

On a consolidated basis, CG Power reported net loss of 283.53 crore in March quarter compared with net loss of 181.29 crore a year ago. Net sales fell 69% to 616.25 crore in the quarter.

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