Comments
Shares of Yes Bank on Wednesday also tumbled nearly 9 per cent amid concerns over its exposure to CG Power and Industrial Solutions which has been hit by alleged financial irregularities and unauthorised transactions.
The stock dropped 8.21 per cent to close at Rs 65.40 on the Bombay Stock Exchange (BSE). During the day, it tanked 9.47 per cent to Rs 64.50 -- its 52-week low.
On the National Stock Exchange (NSE), the company’s shares plummeted 8.63 per cent to close at Rs 65.05 apiece.
As many as 155.93 lakh shares of the company were traded on the BSE and over 22 crore shares on the NSE during the day.
Shares of Yes Bank on Tuesday also dropped over 7 per cent.
Yes Bank has 12.79 per cent stake in CG Power as in the June 2019 quarter on the BSE.
“While working on one of its priority tasks of seeking refinancing of certain facilities and as part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorised transactions by certain employees of the company,” said CG Power in a BSE filing on Tuesday after a marathon meeting.
The board also found that the total liabilities of the company and the group may have been potentially understated.
The filing also said advances to related and unrelated parties of the company and the group may have been potentially understated.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.