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Day Bank’s Return to Trading Prompts Share Meltdown
Day Bank’s Return to Trading Prompts Share Meltdown
Wednesday, July 04, 2018

Day Bank’s Return to Trading Prompts Share Meltdown

Wednesday, July 04, 2018

Day Bank’s Return to Trading Prompts Share Meltdown

Day Bank returned to trading after a two-year hiatus on Monday, as its shares lost half of their value in a single day.
“BDYZ”’s opening price dropped 50% to about 700 rials from its July 19, 2016, close of 1,400 rials per share. The price meltdown singlehandedly accounted for an eight-point drop in Iran Fara Bourse’s main index, IFX.
Describing itself as a “value maker”, the $152-million Day Bank shocked investors by posting losses about twice its nominal capital for the fiscal 2016-17. Its cash-bleeding trend only continued in the next year, as its losses grew 121% to about $690 million.
 

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07/04/2018
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