Share price of YES Bank has fallen over 21% ahead of the upcoming further public offer (FPO). The stock of private sector lender declined 21.58% in last 3 sessions.
YES Bank share opened with a loss of 3.62% today and later fell 8.37% to the intraday low of Rs 20.25 on BSE. The stock also touched an intraday high of Rs 21.75 on BSE.
Share price of YES Bank is trading lower than 5, 20, 50, 100 and 200-day moving averages. YES Bank shares have fallen 19% in one week, 16.9% in one month, and 46% since the beginning of the year.
Stock of the private lender fell over 16% on Monday following reports that Securities and Exchange Board of India (SEBI) may look into a large amount of stock transaction of the lender under the Securities Lending and Borrowing Mechanism (SLBM).
On July 9, investors reportedly borrowed 95.9 lakh shares worth Rs 5.9 crore for an interest rate of around Rs 7 per share. Investors borrowed these shares for a month with settlement due on August 6. These transactions took place a day prior to the announcement of the bank's floor price for its follow-on public offer.
On the FPO front, the shares can be bid in lots of 1,000 equity shares. The FPO, through which the lender plans to raise around Rs 15,000 crore will open on July 15, 2020 and close on July 17, 2020.
Meanwhile, company's chief executive officer Prashant Kumar on Monday said Rs 15,000 crore capital the lender plans to raise via FPO is the largest ever by any entity and will help the private sector lender suffice the growth requirements for two years.