Good luck and tons of best wishes. God bless you in whatever you do. This is my heartiest wish just for you.Indian shares erased early gains and ended lower on Friday, wrapping up their worst month since February 2016, with auto stocks such as Maruti Suzuki (India) Ltd and Hero MotoCorp Ltd dragging the benchmark indexes lower.
Meanwhile, investors adopted a cautious stance ahead of the Reserve Bank of India's policy meeting next week.
The benchmark BSE Sensex closed 0.27 percent lower at 36,227.14 and was down 1.67 percent on week while the broader NSE Nifty ended 0.43 percent lower at 10,930.45, shedding nearly 2 percent for the week.
The Nifty fell 6.42 percent in September while BSE index lost 6.26 percent, their worst monthly performance since February 2016, after concerns over bad debt in non-banking financial companies triggered a broad sell-off.
Hero MotoCorp ended 5 percent lower while Maruti Suzuki closed 2.7 percent down.
YES Bank slumps to 29-month low
Shares of India’s Yes Bank Ltd plunged nearly 10 percent on Friday to a 29-month low, as the lender’s management crisis caused by the central bank curtailing its top executive’s tenure dragged on.
The bank said earlier this week that it would seek the Reserve Bank of India’s (RBI) approval to extend CEO Rana Kapoor’s term beyond January as it needs more time to identify and groom a successor.
“The bank’s woes will continue till there is uncertainty around it,” said R Sreesankar, co-head - institutional equities at Prabhudas Lilladher.
The central bank said last week Kapoor could serve as CEO until Jan. 31, despite shareholders seeking to extend his term for three more years.
After the RBI directive, the company lost $2.95 billion of its market value last Friday and at least two brokerages downgraded the stock, citing uncertainty and doubts in investors’ minds about the bank’s future.
Shares of the country’s fifth-largest private sector bank by assets fell as much as 9.6 percent on Friday to 183.65 rupees, their lowest since May 9, 2016. More than 77 million shares had exchanged hands by 0758 GMT, 1.8 times their 30-day average of 42.7 million shares.
In response to a query by the National Stock Exchange, the bank denied on Thursday any dealings with Three Sisters Family Office, the investment vehicle run by Kapoor’s three daughters.
As of last close, stock had declined more than 36 percent since the RBI directive last Friday, and nearly 41 percent this month.
