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.