YES Bank slumps as it defers plans to raise $1 billion via QIPs

Shares of YES Bank plunged over 6 per cent on Friday after the company deferred its plans to raise $1 billion, citing extreme volatility in trading due to misinterpretation of new QIP guidelines.

The stock slipped 6 per cent to Rs 1,250.35 on BSE.

At NSE, shares of the company plunged 6.12 per cent to Rs 1,246.95.

YES Bank's stock had closed 5.32 per cent down in the previous session also.

Due to extreme volatility during yesterday's trading day because of misinterpretation of new QIP guidelines, YES Bank has been advised by its appointed merchant bankers to defer its proposed QIP, the company had said on Thursday.

Earlier in June, YES Bank Managing Director and Chief Executive Officer Rana Kapoor had said the bank will raise $1 billion from overseas investors in the current financial year.