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.”
-
Economy1 month agoNumber of Workers in GCC Countries Increase From 2021 to 2025
-
OER Magazines2 months agoDossier Oman: Banking, Finance & Insurance Special Edition
-
Magazines1 month agoOER Magazine April 2026 Issue
-
Oman1 month agoREVIEW: WHOOP and the Rise of Performance Luxury
-
Lifestyle1 month agoAP x Swatch Royal Pop: A Rule-Breaking Collaboration That Takes the Royal Oak Off the Wrist
-
Economy1 month agoElectricity Tariffs Reduced for Residential Use – What It Means for You
-
News1 month agoANALYSIS: Oil Slips As Peace Hopes Reprice Middle East Risk, But Supply Tightness Keeps Market On Edge
-
News2 months agoOPINION – New CEO, New Era: What’s Next for Apple?
