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YES Bank share price closes lower amid plan to raise Rs 8,000 cr via rights issue

Share price of YES Bank fell 2.64% to Rs 27.65 against previous close of Rs 28.40 on BSE

twitter-logoBusinessToday.In | June 17, 2020 | Updated 17:36 IST
YES Bank share price closes lower amid plan to raise Rs 8,000 cr via rights issue
YES Bank stock has declined 9.2% in last five sessions

YES Bank share price closed lower in a volatile market today amid a report that the private sector lender is planning to raise at least Rs 8,000 crore in a public offering of shares to boost its capital. Share price of YES Bank fell 2.64% to Rs 27.65 against previous close of Rs 28.40 on BSE.

YES Bank stock has declined 9.2% in last five sessions. The share stands higher than 50 day moving averages but lower than 5 day, 20 day, 100 day and 200 day moving averages.

The stock hit 52-week high of Rs 117 on June 18, 2019  and 52-week low of Rs 5.55 on March 6 this year. The large cap stock has fallen 41.11% since the beginning of this year and declined 76.2% during the last one year.

Market cap of the bank fell to Rs 34,702 crore. Total 18.35 lakh shares changed hands amounting to turnover of Rs 5.10 crore.

YES Bank share price gains 3% after Kapur family withdraws suit against lender

According to a Bloomberg report, the bank will start the share sale through a rights issue soon. The funds raising exercise is likely to help the lender raise its Tier-1 core capital ratio to around 10%, from 6.3% as of end-March. A share sale would follow YES  Bank's regulatory application to fast-track its capital raising after the lender's stock rebounded 73% since the Reserve Bank of India rescued it in March.

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By Aseem Thapliyal

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