Yes Bank drops as foreign investment reaches trigger limit

Yes Bank lost 2.39% to Rs 617.70 at 9:21 IST on BSE after RBI notified that foreign shareholding in the bank has reached the trigger limit and further purchases of equity shares of the bank would be allowed only after obtaining prior approval of RBI.

Meanwhile, the S&P BSE Sensex was down 193.35 points or 0.71% at 26,867.69.

On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 2.88 lakh shares in the past two weeks.

The stock hit a high of Rs 625 and a low of Rs 616.40 so far during the day.

The Reserve Bank of India (RBI) notified that the foreign shareholding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRI)/ Persons of Indian Origin (PIO)/ Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) in Yes Bank has reached the trigger limit. Therefore, further purchases of equity shares of the bank would be allowed only after obtaining prior approval of RBI.

Yes Bank's net profit rose 9.64% to Rs 439.48 crore on 9.34% increase in total income to Rs 3105.21 crore in Q1 June 2014 over Q1 June 2013.

Yes Bank is one of the leading private sector banks in India.

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