Yes Bank plunges about 24% in four days

Yes Bank fell 12.70% to Rs 42.60 after the bank extended massive losses since Tuesday, 24 September 2019.

Shares of Yes Bank plunged 23.99% in four trading sessions to its current market price of Rs 42.60, from a recent closing high of Rs 56.05 on 24 September 2019.

Meanwhile, the S&P BSE Sensex was down 277 points or 0.71% to 38,545.35.

Yes Bank said it received acknowledgment from the Reserve Bank of India to go ahead with the proposed increase in its authorized share capital. The bank shall now seek necessary shareholders' consent and proceed expeditiously with its capital raise. The announcement was made before market hours today, 30 September 2019.

Yes Bank announced during trading hours on 25 September 2019, that it has received strong interest from multiple foreign as well as domestic private equity & strategic investors for the proposed capital raise and it remains firmly on course to raising growth capital subject to the necessary approvals.

Yes Bank raised Rs 1,930 crore via qualified institutions placement (QIP), which was open between 8 and 14 August 2019. The bank allotted 23.1 crore equity shares of face value of Rs 2 each to eligible qualified institutional buyers at Rs 83.55 each.

On the BSE, 149.96 lakh shares were traded in the counter so far compared with average daily volumes of 159.64 lakh shares in the past two weeks. The stock hit an intraday high of Rs 49.10. It hit an intraday low of Rs 42.50, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 285.90 on 3 April 2019.

The stock had underperformed the market over the past one month, tanking 24.11% compared with 3.14% fall in the Sensex. The scrip underperformed the market in past one quarter, plunging 56.58% as against Sensex's 1.93% fall. The scrip had also underperformed the market in past one year, slumping 75.98% as against Sensex's 6.88% decline.

Yes Bank's consolidated net profit slumped 92.4% to Rs 95.56 crore on a 9.7% increase in total income to Rs 9,105.78 crore in Q1 June 2019 compared with Q1 June 2018.

Yes Bank is engaged in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking and wealth management.

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