Yes Bank slides on reports Sebi looking into discrepancies in bank's planned QIP

Yes Bank lost 2.67% to Rs 1,219.90 at 12:16 IST on BSE on reports that Securities & Exchange Board of India is looking into discrepancies in the bank's planned qualified institutional placement of shares.

Meanwhile, the S&P BSE Sensex was down 17.12 points or 0.06% at 28,355.11.

On BSE, so far 2.47 lakh shares were traded in the counter as against average daily volume of 2.17 lakh shares in the past one quarter. The stock hit a high of Rs 1,243 and a low of Rs 1,206 so far during the day. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had underperformed the market over the past one month till 14 September 2016, sliding 2.91% compared with 0.78% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 17.64% as against Sensex's 7.49% rise.

The large-cap bank has equity capital of Rs 421.35 crore. Face value per share is Rs 10.

According to reports, the stock market regulator Securities & Exchange Board of India (Sebi) is looking into Yes Bank's notices to stock exchanges about the planned qualified institutional placement (QIP) of shares, the surge in the stock in the run-up to the issue date and its intra-day fall before the announcement to call off the issue. Sebi is reportedly looking into why investment bankers failed to take note of the fact that there was no pre-intimation by Yes Bank to stock exchanges that there would be a board meeting.

It may be recalled that Yes Bank had announced on 8 September 2016 its decision to defer the earlier planned QIP of shares citing extreme volatility during trading day on 8 September 2016 because of misinterpretation of new QIP guidelines. The bank had on 7 September 2016 announced opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. Yes Bank had fixed Rs 1,371.84 per share as the floor price at that time.

Yes Bank's net profit rose 32.8% to Rs 731.80 crore on 25.4% growth in total income to Rs 4762.83 crore in Q1 June 2016 over Q1 June 2015.

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

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