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Yes Bank share tanks nearly 4%, other bank stocks fall too

Amid market-wide selloff, shares of YES Bank resumed selling streak on Thursday with shares falling as much as 3.56 per cent to touch an intraday low of Rs 60.80 as investors remained unconvinced over the bank's fund raising plans

twitter-logo BusinessToday.In   New Delhi     Last Updated: December 5, 2019  | 19:31 IST
Yes Bank share tanks nearly 4%, other bank stocks fall too
YES Bank shares ended 1.67 per cent lower at Rs 61.95 per cent on the NSE

Shares of YES Bank fell nearly 4 per cent in intraday trade on the Bombay Stock Exchange (BSE) on Thursday in line with its sectoral index after the RBI maintained status quo during the fifth bi-monthly monetary policy review today. In a surprise move, the Reserve Bank of India (RBI) kept its repo rate unchanged at 5.15 percent with accommodative stance.

Both Nifty & Bank Nifty index closed in the red. Bank Nifty index underperformed the benchmark index by 0.83 per cent.

In the private bank space, shares of Yes Bank (down 1.67 per cent), IndusInd Bank (down 2.23 per cent), IDFC Bank (down 2.73 per cent) , Federal Bank (down 1.08 per cent) , RBL Bank (down 2.21 per cent) and ICICI Bank (down 0.34 per cent), were among top losers.

Amid market-wide selloff, shares of YES Bank resumed selling streak after a day's gap on Thursday with shares falling as much as 3.56 per cent to touch an intraday low of Rs 60.80 as investors remained unconvinced over the bank's fund raising plans. Earlier today, the stock witnessed a volatile session, hitting an intraday high and low of Rs 64 and Rs 60.80, respectively. Finally, the stock ended Thursday's trade at Rs 62.10, down 1.51 per cent on the BSE.

Also Read: Moody's downgrades YES Bank ratings ahead of fund raising plan

In a similar trend, YES Bank shares ended 1.67 per cent lower at Rs 61.95 per cent on the National Stock Exchange (NSE). The scrip hit an intraday high of Rs 62.90 against previous closing price of Rs 59.50.

YES Bank share price has been on selling spree since it announced the names of the investors for its proposed preferential issue. The analyst at Angel Broking opined that the private sector lender will not get the RBI's nod for the huge stake sale with investors who are not institutional and have questions on their credibility.

In a separate development, global rating agency Moody's downgraded YES Bank's long-term ratings and assigned negative outlook. Moody's Investors Service on Thursday lowered the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b1.

Edited by Chitranjan Kumar

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