YES Bank extends decline on profit-booking, tumbles 33% in two days

Shares of YES Bank slipped 20 per cent to Rs 43.15 on the BSE on Friday, extending its Thursday’s 13 per cent fall, after new equity shares allotted to investors through preferential issue were permitted to trade on the exchanges.

With the past two days’ decline, the market price of YES Bank has more than halved from the level of Rs 87.95 touched on Wednesday, March 18, in the intra-day trade. It had hit an all-time low of Rs 5.55 on March 6, on the BSE.

“A 1,000 million equity shares of Rs 2 each issued at a premium of Rs 8 issued to non-promoters on a preferential basis pursuant to YES Bank Reconstruction Scheme, 2020, approved by Ministry of Finance, are listed and permitted to trade on the Exchange with effect from Thursday, March 19, 2020,” BSE said in a notice dated March 18, 2020.

YES Bank had raised Rs 10,000 crore pursuant to allotment of shares to State Bank of India (SBI) and other investors including HDFC, ICICI Bank, Axis Bank, Kotak Mahindra Bank under the Reconstruction Scheme. Read More