Yes Bank meets Rare Enterprises, scrips gain but end lower
Mumbai, July 24 (IANS) Erasing early gains which came on the back of Yes Bank's disclosure to the bourses that its representatives met Rakesh Jhunjhunwala's firm Rare Enterprises on Monday, July 22, the scrips closed 1.71 per cent lower on Wednesday.
Yes Bank closed 1.71 per cent lower at Rs 89.15 before hitting an intra-day high of 93.65 apeice.
Analysts said that several investors follow the strategy of billionaire investor, Rakesh Jhunjhunwala's and this could be the reason for the meet.
In a regulatory filing, Yes Bank on Wednesday said that YES Bank representatives met Rare Enterprises. This is generally done by a company to inform investors more about the company.
An analyst who did not wish to be named told IANS that, this could be Yes Bank's confidence building measure by reaching out to Jhunjhunwala, because if he buys Yes Bank stocks, it will be a big positive for the firm.
However, they also said the revival chances are little as the company's results have not cheered the streets and even Jhunjhunwala's investment in DHFL and other few badly performing companies have not been received well by the streets.
Yes Bank shares fell below to double digit scrip price, after poor quarterly results in the March quarter, which saw the company reporting its first ever loss in its corporate history.
Even the June quarter failed to enthuse confidence among the investors.