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Yes Bank slumps 28.29% in three sessions

Capital Market 

Yes Bank fell 15.90% to Rs 55 at 14:55 IST, extending recent slump triggered by a disclosure regarding irregularities and unauthorised transactions at CG Power and Industrial Solution.

CG Power and Industrial Solutions announced before trading hours on Tuesday, that an internal probe of the company had uncovered several irregularities in the financial statements of the company. As on 30 June 2019, Yes Bank held 12.79% stake in CG Power.

Shares of Yes bank are down 28.29% in three trading sessions from its close of Rs 76.70 on Monday, 19 August. The scrip has underperformed the market in past one year, falling 83.27% as against Sensex's 3.20% fall.

Yes Bank recently 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. The stock is currently 34.17% below the QIP issue price.

Yes Bank's net profit fell 91% to Rs 113.76 crore on a 9.9% rise in the total income to Rs 9088.80 crore in Q1 June 2019 over Q1 June 2018.

On the BSE, 175.44 lakh shares were traded in the counter so far compared with average daily volumes of 115.60 lakh shares in the past one quarter.

The stock hit a 52-week low of Rs 53.15 today. It hit a 52-week high of Rs 395.55 on 23 August 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 22 2019. 15:07 IST