Two promoter companies of YES Bank – Yes Capital India (Private) Ltd and Morgan Credits Private Ltd – have written to the stock exchanges, Reserve Bank of India and SEBI, raising concerns over heightened speculation and short-selling of the private sector lender’s scrip.
“We continue to witness unabated speculation in the YES Bank stock, particularly by short-sellers who appear to be speculating on the back of unpublished price information, led by countless negative messages being circulated on WhatsApp and chat groups. We request you to investigate this highly serious matter,” the letter written on September 3 said, noting that YES Bank is a systemically-important financial services institution.
This is in continuation to a previous letter written on August 21 by the two companies, which are owned by the three daughters of Rana Kapoor, promoter, YES Bank.
The YES Bank scrip , which was at a 52-week high of ₹328.95 apiece on the BSE on September 19 last year, closed at ₹68.60 apiece on Friday.
It had hit a 52-week low of ₹53.15 apiece on August 22 this year.