Due to the crisis of Yes Bank in India, the sale of shares in the entire banking and financial sector has intensified. The Sensex plummeted by 1459 points.
Mumbai| Investors scared by the Coronavirus and YES Bank crisis are selling huge shares. The Sensex plummeted by 1459 points to 37,011.09 at the opening of the market. The Nifty fell 442 points to 10,827.40 points. Yes Bank’s shares have fallen down by 77% on the NSE. SBI stock is seeing a fall of 12%. On Thursday, there was a report that the government could move SBI to save the YES bank, so the shares of SBI are seeing a steady decline. However, SBI has made it clear that there is no investment in Yes Bank.
Two reasons for the decline in the market
1. Growth of Coronavirus infection is expected to damage the economy. This concern has led to sales in markets around the world. The US and major Asian markets were down by 3%.
2. Due to the crisis of Yes Bank in India, the sale of shares in the entire banking and financial sector has intensified. The Reserve Bank of India (RBI) on Thursday set the limit for withdrawal of funds with the management control of Yes Bank in its hands. Account-holders will not be able to withhold more than Rs 50,000. However, the RBI has said that the restructuring plan of Yes Bank will be announced soon.
IndusInd Bank shares fall 11%
All 30 stocks of the Sensex and all 50 shares of the Nifty are at a loss. Tata Motors declined 8%. Tata Steel fell 5.5%. IndusInd Bank’s stock plunged 11%. Bajaj Finance was up 5%, 3.5% loss in ICICI Bank and a 3.3% loss in HDFC.
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