Sensex Ends 248 Points Lower; Power And IT Stocks Witness Selling

Indian share markets fell sharply during closing hours today and ended deep in the red. The BSE Sensex stood lower by 248 points, while the NSE Nifty closed down by 81 points.

The BSE Mid Cap index ended the day down by 1.1%, while the BSE Small Cap index ended down by 1%.

All sectoral indices ended on a negative note with stocks in the power sectorIT sector and FMCG sector leading the losses.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 0.2% while the Nikkei was down 0.1%.

The rupee was trading at 70.92 against the US$.

In news from the banking sectorYes Bank share price was in focus today.

Shares of the private lender slipped over 10%, ahead of the board meeting scheduled for later today to finalize and approve the details of the preferential allotment.

Several foreign and domestic investors have showed interest in investing in the company, which includes Capital International, a part of the US$ 1.87-trillion Capital Group based in the US, who has committed to invest at least US$ 120 million in the lender.

Other investors include Discovery Capital, Ward Ferry, SPGP Holdings, Rakesh Jhunjhunwala and Aditya Birla Family Office.

However, media reports suggest that Yes Bank is likely to reject the offer that made up more than half of its planned US$ 2 billion capital raising, and is talking to institutional investors about making up the shortfall.

How the above fund-raising plan pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

In other news, a Reserve Bank of India (RBI) risk assessment report has found that State Bank of India (SBI) under reported bad loans by Rs 119.3 billion in FY19.

According to the regulatory filing filed by SBI, the central bank found that the divergence in provisioning for these non-performing assets (NPAs) stood at Rs 120.4 billion in FY19.

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