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Biz EOD: SBI to rescue YES Bank; shareholders lose Rs 9,691 crore; Tata Motors-JLR sales tank

BusinessToday.In     March 6, 2020

Reserve Bank of India has announced a reconstruction scheme for YES Bank; SBI has agreed to help the beleaguered private lender. Public shareholders of YES Bank have lost Rs 9,691 crore since December after RBI took control of private sector lender. Tata Motors said the outbreak of coronavirus and the resultant shutdown of various parts of China has led to a steep 85 per cent fall in sales of its subsidiary Jaguar Land Rover in February. Read for more top stories from the world of business and economy:

1. RBI announces restructuring of Yes Bank; SBI likely to hold 49% stake

Yes Bank crisis: RBI said that the investor bank or SBI will invest in the equity of Yes Bank to the extent that it holds 49 per cent shareholding post the infusion.

2. Yes Bank crisis: 'I have no clue, have not been involved for 13 months,' says Rana Kapoor

Under Kapoor's watch, YES Bank rose from scratch to an asset book worth Rs 3.4 lakh crore in just a decade.

3. Public shareholders lose Rs 9,691 crore amid RBI action on YES Bank

Public shareholders incurred a loss of Rs 9,691 crore today after YES Bank stock price fell to its intra day low of Rs 5.5 on BSE.

4. Vodafone CEO Nick Read meets FM Sitharaman amid AGR crisis

Vodafone Group CEO Nick Reed met with Union Finance Minister Nirmala Sitharaman ahead of AGR hearing in Supreme Court on March 17.

5. Coronavirus fallout: Tata Motors' JLR hit by 85% sales dip in China

China accounts for almost a quarter of JLR's global sales, which in turn accounts for almost 73 per cent of Tata Motor's annual turnover of around $41 billion.

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