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YES Bank share price falls for third straight session on concerns over CG Power, hits fresh 52-week low

The share price of private lender YES Bank continued their losing momentum for the third straight session and touched a fresh 52-week low of Rs 60.10 on the Bombay Stock Exchange.

twitter-logo BusinessToday.In        Last Updated: August 22, 2019  | 13:49 IST
YES Bank share price falls for third straight session on concerns over CG Power, hits fresh 52-week low
The share price of YES Bank tumbled over 8.1% to a new 52-week low at Rs 60.10 on BSE.

The share price of private lender YES Bank continued their losing momentum for the third straight session and touched a fresh 52-week low of Rs 60.10 on the Bombay Stock Exchange, as investors remained wary over the bank's exposure to CG Power and Industrial Solutions which has been hit by financial fraud.

Initially, the YES Bank stock started the day in the green and touched an intraday high of Rs 67.70, registering a rise of 3.52% against the previous close of Rs 65.40. Although later by the first hour of the opening bell, the share price of YES Bank tumbled over 8.1% to a new 52-week low at Rs 60.10 on BSE.

CG Power share price falls another 20%, investors lose Rs 396.25 crore in two days

Consecutively, the YES Bank stock has lost 21% of its value in the last 3 days. The lender holds 12.79% stake in Gautam Thapar's CG Power, that has been under the limelight since Tuesday when its board raised concerns over financial irregularities due to misstatement of past financial statements.

The market capitalisation of YES Bank stood at Rs 19560.88 cr on Monday. Reacting to the news declared on Tuesday, the M-cap value declined to Rs 18170.96 cr and to Rs 16679.03 cr by Wednesday. Today, the value has reduced to Rs 15,505.88 cr, taking the overall fall in M-cap to Rs 4,055 cr in 3 days.

After discovering few unidentified transactions by its employees, CG Power after a meeting of its board and the Risk and Audit Committee announced that it suspects significant understatement of the firm's liabilities and advances to related and unrelated parties.

CG power share nosedives 20% on reports of fraud transactions; YES Bank tanks 8%

On a similar trend, the stock value of CG power has fallen over 42% in the last 3 days, since Tuesday, August 20, 2019, when the company submitted the regulatory filing. On Thursday, the share price of CG Power has touched a fresh 52-week low of Rs 10.65, also the 10% lower price band of the stock.

The small-cap firm's M-Cap value stood at Rs 1,153.21 crore on Monday. On Tuesday, the M-Cap of the small-cap stock fell to Rs 924.45 crore and to Rs 756.96 crore by Wednesday. Today the M-cap stands at Rs 702.43. Overall, investors have lost Rs 450.78 crore in the last three days of trade.

Edited by Rupa Burman Roy

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