Shares of Yes Bank were trading higher in the morning trade on Tuesday and among gainer on the Nifty50 index. The stock rose in today’s trade after ace investor Rakesh Jhunjhunwala bought a 0.5% stake in the bank for Rs86cr on Monday. As per BSE data, Jhunjhunwala bought 12.9 million shares of the bank at the price of Rs67.10 apiece in a bulk deal on the BSE.
The stock on Monday fell in the morning trade after the bank reported a net loss of Rs600.08cr in Q2 September 2019. The overall profitability was hurt by a deferred tax asset (DTA) impact that resulted in a one-time additional charge of Rs708.61cr arising on account of change in corporate tax rate regime. Excluding this one-time impact, adjusted profit after tax (PAT) at Rs109cr in Q2 September 2019. The bank’s asset quality deteriorated significantly on a qoq basis.
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