Market News - Yes Bank Falls 30%,Hero MotoCorp Declines, IndusInd Bank slumps

Yes Bank Falls 30% - After Reporting Surprise Q4 Loss Shares of the private lender fell as much as a percent to Rs 166.60, its lowest since December 2018. The bank announced its March quarter results on Friday. The bank’s loss stood at Rs 1,506 crore in the quarter ended March, according to its exchange filing.

IndusInd Bank shares slumped 4%- to Rs 1,631.35, to emerge among the biggest Sensex losers.

Coffee Day Enterprises Jumps After Block Deal In Mindtree - Shares of Coffee Day Enterprises rose as much as 6.5 percent, the most in over a month, to Rs 284.15. About 3.27 crore shares or 20 percent equity of Mindtree traded in a single block. That, however, comes when L&T has mounted a three-step hostile bid to acquire the IT company—by buying 20.3 percent owned by VG Siddhartha’s Coffee Day Group, acquiring 15 percent from the open market and launching an open offer for additional 31 percent at Rs 980 apiece.

Rupee Opens: The Indian rupee gained in the early trade on Tuesday. It opened higher by 17 paise at 69.84 per dollar on Monday versus 70.01 Friday.

Maruti Suzuki, Yes Bank, Bharti Infratel, IndusInd Bank, Hero Motocorp, DHFL, L&T, PNB Housing, are among major losers on the indices, while gainers are ONGC, Grasim Industries, Wipro and Tech Mahindra. Among sectors, Bank Nifty is under pressure with a fall of 1 percent. Auto and metal stocks are also trading lower.

Hero MotoCorp Declines - After Q4 Profit Falls Shares of Hero MotoCorp fell as much as 3.02 percent to Rs 2,525.25. The company’s quarterly profit fell during March quarter as India’s largest two-wheeler maker continued to face challenges from the slowdown in the automobile industry.

Reliance Home Finance Falls - On Credit Rating Downgrades Shares of the housing finance company declined 20 percent intraday to Rs 22.65. CARE Ratings downgraded the company’s long-term debt program to default rating. The long-term debt program at Rs 4,978 crore. ICRA downgraded company’s commercial paper program worth Rs 1,200 crore to A4 from A2.

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