Banking & Finance
Worst-performing bank stock is now seeing world’s biggest surge
(Bloomberg) –India’s Yes Bank Ltd., the world’s worst-performing lender in 2019, has posted the globe’s biggest gain over the past month.
Its shares have rallied about 50% — the biggest gain among global peers valued at more than $1 billion — after embattled founder Rana Kapoor was forced to sell his holdings in October and a new management team promised fresh capital and lower bad loans. The surge helped pare the annual loss in the Mumbai-based lender’s shares to 63%.
The recovery will be a relief for new Chief Executive Officer Ravneet Gill, who’s been courting investors to revive the bank. India’s billionaire investor Rakesh Jhunjhunwala this month bought shares of Yes Bank, after the lender announced a binding offer from an unidentified global investor to inject $1.2 billion.
Read: World’s Most-Loved Megabank Is Surrounded by a Lending Crisis
Gill is rushing to raise funds. Latest results released this month show Yes Bank swung to a loss in the September quarter and its bad-loan ratio rose.
“Capital is of utmost importance to the bank and we want the money to be in the bank by December,” Gill told reporters after the results. “Once we get the capital it will run us for 24 months.”
-
Banking & Finance1 month agoOman Oil Marketing Company Concludes Its Annual Health, Safety, Environment, and Quality Week, Reaffirming People and Safety as a Top Priority
-
News2 months agoReport: How India & The Middle East Are Exploiting Immense Economic Synergies
-
Uncategorized2 months agoOman’s ISWK Cambridge Learners Achieve ‘Top in the World’ and National Honours in June 2025 Cambridge Series
-
News1 month agoJamal Ahmed Al Harthy Honoured as ‘Pioneer in Youth Empowerment through Education and Sport’ at CSR Summit & Awards 2025
-
Economy2 months agoPrime Minister of India Narendra Modi to Visit the Sultanate of Oman on 17-18 December
-
News2 months agoIHE Launches Eicher Pro League of Trucks & Buses in Oman
-
Economy2 months agoOman’s Net Wealth Reaches $300 Billion in 2024, Poised for Steady Growth
-
News2 months agoLiva Insurance Honored with ‘Insurer of the Year’ Award for 2025
