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Yes Bank slumps over 10% in two sessions

Capital Market 

Shares of the private lender Yes Bank fell 7.17% to Rs 71.2 at 14:45 IST on BSE, extending losses for the second straight day.

Steep selling pressure emerged in the Yes Bank counter today after CG Power and Industrial Solutions disclosed that it uncovered several irregularities in its financial statements. As on 30 June 2019, Yes Bank held 12.79% stake in CG Power.

The 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 trading 14.78% lower than the QIP issue price.

On the BSE, 84 lakh shares were traded in the Yes Bank counter so far compared with average daily volumes of 81 lakh shares in the past one quarter. The stock hit a high of Rs 77 and a low of Rs 71.05 so far during the day.

The stock hit a 52-week low of Rs 70.5 on 14 Aug 2019. The stock hit a 52-week high of Rs 404 on 20 Aug 2018.

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.

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

First Published: Tue, August 20 2019. 14:49 IST