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Two Banks’ Return to TSE Triggers Turmoil

Business & Markets Desk
The two banks’ saga at the equity market is a mirror of their sorry state of financial affairs.The two banks’ saga at the equity market is a mirror of their sorry state of financial affairs.

The long wait finally came to an end on Wednesday, as two major banks’ frozen stock tickers reopened on Tehran Stock Exchange after a year and a half. 
This is great news for frustrated investors, as they can finally free their blocked money. It’s just that there’s not much left of it!
Bank Saderat Iran’s shares, for starters, were being traded at 1,005 rials each on July 19, 2016, before it was barred from trading by the Securities and Exchange Organization for delaying the release of its financial details. This Wednesday’s close, however, saw it drop 49.25% to 510 rials, basically wiping half of its investors’ capital.
Each dollar was traded at 48,120 rials in Tehran on Wednesday.

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