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Yes Bank pares early gains, tumble 6.5 pc

Yes Bank pares early gains, tumble 6.5 pc

Shares of Yes Bank gave up all its early gains and tumbled 6.5 per cent at close of trade on Monday mainly due to profit-booking. The scrip which rose 3.22 per cent to a high of Rs 70.50 during the morning trade, later pared the gains and plunged 6.22 per cent to close at Rs 64.05 on the BSE. During the day, it touched a low of Rs 63.10, down 7.61 per cent.

On the NSE, it declined 6.58 per cent to close at Rs 63.80 after rising 1.46 per cent to Rs 69.30 in early trade. The scrip was the worst hit among the frontline companies on both Sensex and Nifty.

In traded volume terms, 254.76 lakh shares of the company were traded on the BSE and over 36 crore units on the NSE during the day. Ending weeks of suspense, Yes Bank on Friday said eight investors led by Erwin Singh Braich have evinced interest to pump USD 2 billion into the lender.

The board of directors of the bank will reconvene on December 10 to finalise and approve details of capital infusion, which will take place through preferential allotment, it informed the exchanges. The investors who have shown interest also include Aditya Birla Family Office and Rekha Jhunjhunwala, wife of market investor Rakesh Jhunjhunwala, who have committed USD 25 million each, the bank said.

The largest investor is Braich/SPGP Holding which has committed USD 1.2 billion, followed by Citax Holding which has committed USD 500 million, the bank said, adding that discussions with Braich/SPGP are going on and expected to be concluded shortly.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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