Stocks

Yes Bank shares tumble nearly 9 per cent

PTI New Delhi | Updated on August 21, 2019 Published on August 21, 2019

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This comes amid concerns related to its exposure to CG Power and Industrial Solutions

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.

Published on August 21, 2019
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