(Photo: Reuters)
(Photo: Reuters)

Yes Bank shares plunge nearly 8% as questions abound over unheralded investors

  • The scrip was the worst hit on Tuesday among the frontline companies on both Sensex and Nifty
  • The is the third straight fall of the stock, which has witnessed an erosion of 2,689 cr from its market valuation

New Delhi: Shares of Yes Bank came under selling pressure even after rising in the early trade on Tuesday and tumbled nearly 8 per cent at closing.

The scrip of the company closed the day at 59.50, down 7.10 per cent on the BSE. In the morning trade, the stock had gained 2 per cent to the day's high of 65.35. During the day, it touched a low of 59, registering a fall of 7.88 per cent.

At the NSE, it plunged 7.57 per cent to close at 59.20.

The scrip was the worst hit among the frontline companies on both Sensex and Nifty.

Yes Bank Ltd’s proactive disclosure of potential investors attracted scrutiny on Monday, with analysts questioning the quality of suitors who have promised a total of $2 billion.

The troubled private lender on Friday listed the likely investors, including a group of offshore family offices offering $1.7 billion and six other investors offering a total of $300 million.

The bank on Friday said eight investors led by Erwin Singh Braich have evinced interest to pump $2 billion into the lender.

The board of directors of the bank will reconvene on December 10 to finalise and approve details of capital infusion, which will take place through preferential allotment, it informed the exchanges.

As many as 227.57 lakh shares were traded on the BSE and over 29 crore shares on the NSE during the day.

The is the third straight fall of the stock, which has witnessed an erosion of 2,689.69 crore from its market valuation that now stands at 15,175.31 crore on the BSE.

Shares of Yes Bank had tumbled 6.5 per cent at close of trade on Monday.


This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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