Yes Bank shares tank over 39%

PTI New Delhi | Updated on March 12, 2020

Shares of Yes Bank on Thursday gave up all gains made in recent sessions, plunging over 39 per cent to ₹17.45 on the NSE. The stock had surged over 77 per cent in the last two trading sessions.

On the NSE, the stock was quoting 12.67 per cent lower at ₹25.15. It hit a low of ₹17.45, shedding more than 39 per cent. On the BSE, it was trading at ₹25.10, lower by 12.85 per cent. It touched an intra-day low of ₹22.55, down 21.70 per cent.

The stock had rallied after State Bank of India (SBI) said it will pick up 49 per cent stake in the lender for ₹2,450 crore. Last week, the Reserve Bank has imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at ₹50,000 per account.

Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor.

Published on March 12, 2020

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