Yes Bank slumped 25.81% to Rs 30.75 after the company's promoter & promoter group sold 2.16% stake in the bank.
Yes Bank is down 45.14% in five trading session to its current market price of Rs 30.75 from a recent closing high of Rs 56.05 on 24 September 2019.As per the Bank's exchange filing, YES Capital (India), Morgan Credits and Rana Kapoor have together sold 5.52 crore shares, or 2.16% stake in Yes Bank via open markets on 26 and 27 September 2019.
After the stake sale, the promoter & promoter group held 4.72% stake in the bank from 6.89% held earlier.
On 20 September 2019, Yes Bank announced that one of its promoter entities, Morgan Credits (MCPL), had sold 2.3% shareholding in the bank. This sale was effected purely to deleverage the debt of this entity. The board of directors of Yes Bank added that the financial position of the bank is sound & stable, its operating performance continues to be robust and its growth plans stay firmly on track.
Yes Bank on 30 September 2019 said it received acknowledgment from the Reserve Bank of India to go ahead with the proposed increase in its authorized share capital. The bank shall now seek necessary shareholders' consent and proceed expeditiously with its capital raise.
The bank announced on 25 September 2019, that it has received strong interest from multiple foreign as well as domestic private equity & strategic investors for the proposed capital raise and it remains firmly on course to raising growth capital subject to the necessary approvals.
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Yes Bank 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.
Meanwhile, the S&P BSE Sensex was down 678 points or 1.75% to 37989.73.
On the BSE, 45 lakh shares were traded in the Yes Bank counter so far compared with average daily volumes of 12 lakh shares in the past one quarter. The stock hit a high of Rs 44.30 and a low of Rs 29.05 so far during the day. The stock hit a 52-week high of Rs 285.90 on 3 April 2019.
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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