YES Bank hits 6-week low ahead of board meet; stock falls 24% in eight days

YES Bank is likely to reject the offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall, report.

Shares of YES Bank declined 5 per cent to hit a six-week low of Rs 53.40 on the BSE ahead of the board meeting slated for later today to finalize and approve the details of the preferential allotment.

The stock of private sector lender was trading at its lowest level since October 29, 2019. In the past eight trading days, it has fallen 24 per cent, as compared to a 2 per cent decline in the S&P BSE Sensex.

The stock hit an intra-day high of Rs 74 on November 29, after YES Bank said it increased the size of its equity