Shares of private sector lender YES Bank fell over 2% on Wednesday amid reports that the lender has started the process for obtaining physical possession of Reliance Center, the Mumbai headquarter of Anil Ambani's Reliance Group
The lender had taken 'symbolic possession' of Reliance Center after the company failed to repay dues worth Rs 2,892 crore in July.
The action was taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, under which the bank aims to recover dues worth Rs 2,892 crore from Reliance Infrastructure.
Earlier at the opening bell, YES Bank share price hit intraday high of Rs 12.85. Later, the stock erased gains and fell 2.6% to the intraday low of Rs 12.50, as against the earlier close of Rs 12.84 on BSE.
Share price of the private sector lender has fallen 3.4% in the last week and 73% since the beginning of the year. YES Bank stock is trading lower than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the firm stood at Rs 31,398 crore as of today's session.
The stock price of YES Bank has fallen 6.22% in the last 3 days.
The Anil Ambani-led group is one of the biggest borrowers of YES Bank, with an exposure of over Rs 12,000 crore. The centre is located off the Western Express Highway and situated near the Mumbai airport.