Economy, Business And Markets

Mellat Shares Open for Trading

Mellat Shares Open for TradingMellat Shares Open for Trading

Lender Bank Mellat’s shares dropped 7.42% after they reopened for trading on Monday. The commercial bank’s symbol was closed for an extraordinary general meeting to appoint a new board. The bank’s shares closed 170 rials lower at 2,122 rials before traders headed into Tuesday’s bank holiday. Over 33 million of the Tehran-based lender’s shares were traded, mostly by private investors. Mellat, which has 22% of its shares floating in Tehran Stock Exchange, has the top spot in terms of lending efficiency and has been the best bank at salvaging its bad loans. It is one of the largest listed banks in Iran.