YES Bank hits over 4-month low; stock falls 5%

The stock dipped 5% to Rs 322, trading lowest level since April 25, 2018, on the BSE, on back of heavy volumes.

Shares of YES Bank hit an over four-month low of Rs 322 per share, down 5% on the BSE on the back of heavy volumes.

The stock was the largest loser among the S&P BSE Sensex and Nifty 50 index at 02:17 pm. In comparison, the benchmark indices were up 0.2% each.

The trading volumes on the counter more than doubled with a combined 36.43 million equity shares or 1.5% of total equity of YES Bank changed hands on the NSE and BSE so far.

The stock of private sector lender was trading at its lowest level since April 25, 2018. It has fallen 18% in past three weeks, as compared to 1% rise in the S&P BSE Sensex. It touched an all-time high of Rs 404 on August 20, 2018, on the BSE.

Since August 31, 2018, in past six trading days, the market price of YES Bank slipped 11% after the bank said it has received the Reserve Bank of India’s (RBI's) approval for the continuance of Rana Kapoor as managing director and CEO of the bank till further notice from the central bank.

A sharp fall in market price of YES Bank has seen the bank’s market capitalisation (market-cap) eroded by Rs 159 billion during the past three weeks. YES Bank with Rs 746.91 billion market-cap currently stands behind of Bandhan Bank, which has market-cap of Rs 781.58 billion, the BSE data shows.