RNAM directs trustees to sell remaining pledged shares of Rana Kapoor

Kapoor has pledged shares of Yes Bank to RNAM, the asset manager of Reliance Mutual Fund, as collateral

Reliance Nippon Asset Management (RNAM) on Tuesday directed its trustees to sell the remaining shares pledged by Yes Bank co-founder Rana Kapoor as collateral with the fund house, said people in the know.

Kapoor, also a promoter of Yes Bank, has below 5 per cent stake left in the private lender, and the same has been pledged with RNAM, they added.

The YES Bank stock came under massive selling pressure in afternoon trade and plunged over 20 per cent to Rs 29.05 — its multi-year low — on the BSE. The stock closed at Rs 32.00, down 22.80