Yes Bank shares crack 20% in afternoon trade

Shares of Yes Bank went into a tailspin in afternoon trade on Tuesday despite a positive opening, tumbling nearly 20 per cent.

The scrip came under mas sive selling pressure in afternoon trade, giving up its early gains and plunged 19.90 per cent to Rs 33.20 -- its multi-year low -- on the BSE.

On the NSE, shares plummeted 19.92 per cent to Rs 33.15. It was the biggest loser on both the Sensex and Nifty. Meanwhile, according to the company’s filing on the BSE on Tuesday, promoters have further sold 2.16 per cent stake in the bank.

Yes Capital, Morgan Credits Pvt Ltd and Rana Kapoor have sold 5.52 lakh shares or 2.16 per cent stake in Yes Bank through open market transaction during September 26-27. Shares of Yes Bank on Monday tumbled 15 per cent amid concerns over its exposure to Indiabulls Housing Finance.

Yes Bank in a statement on Monday said recent market rumours and reports appear to have generated a lot of speculation around the private sector lender. “We strongly refute them as being speculative, unsubstantiated, and irresponsible,” Ravneet Gill, MD and CEO, Yes Bank said on Monday.