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Biz EOD: Helping hands for Yes Bank; Sensex bounces back; auto sales catch a case of coronavirus

BusinessToday.In     March 14, 2020

As Cabinet approved RBI's reconstruction scheme for Yes Bank on Friday, ICICI Bank, Axis Bank and Kotak Mahindra Bank promised to invest in the cash-strapped private lender. Meanwhile, Sensex reversed multi-year lows to register the biggest single-day recovery. Coronavirus fears reflect in poor automobile sales during February. Read for more top stories from the world of business and ecconomy:

1. After SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank to pump in Rs 2,100 crore in YES Bank

According to respective regulatory filings, ICICI Bank will invest Rs 1,000 crore, Axis Bank will pump in Rs 600 crore, and Kotak Mahindra Bank will give Rs 500 crore to revive the cash-strapped Yes Bank.

2. Yes Bank revival plan gets Cabinet go ahead, moratorium to end soon

Finance Minister Nirmala Sitharaman stated that the RBI's moratorium on the beleaguered private lender will be lifted three days after the revival plan is notified.

3. After 3,000 points crash, Sensex bounces back with biggest single-day recovery

The benchmark Sensex rallied 1,325 points on Friday after a sharp plunge of 2,919 points witnessed the previous day, the sharpest single day recovery.

4. Coronavirus: 'No shortage of medicines, prices won't increase'

Though the inventory level is down by eight days, there are sufficient stocks for more than a month for every therapeutic category, while Chinese raw material supplies have resumed in a limited manner.

5. Coronavirus: Automobile sales crash 19% in February as fears of disruption hang heavy

In February, sale of passenger vehicles was down 7.6 per cent, commercial vehicles by nearly 33 per cent, two-wheelers by nearly 20 per cent and three-wheelers by 31 per cent.

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