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

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.

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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