Spandana Sphoorty dismisses reports of sale to Yes Bank, calls them ‘speculative’

Shares of Spandana Sphoorty Financial Limited dropped 2.5 percent in early trade on June 15 after the company dismissed recent media reports of its sale to Yes Bank. At 9:24 am the Spandana Sphoorty Financial Limited stock was trading 2 percent lower at Rs 720 on NSE.

According to a filing with the BSE on June 15, Spandana Sphoorty stated, “We refer to a news article published in a section of the media today regarding talks for sale of Spandana Sphoorty Financial Limited to Yes Bank. We wish to clarify that the report is incorrect and speculative.”

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The company further said, “We reiterate that the board, corporate promoter, and the company remain committed to deliver the business plan under Vision 2025, articulated and approved by the board of directors in July 2022 and all steps are being taken to achieve the plan.”

Stock Performance

Spandana Sphoorty Financial Ltd has given a return of 17.45 percent in the last six months. Thus, outperforming the Nifty50 benchmark index by a considerable margin as the benchmark Nifty50 index has given a return of 1.77 percent over the same duration.

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