Yes Bank slumps as company defers plans to raise $1 billion via QIPs

The stock slipped 6 per cent to Rs 1,250.35 on BSE.

By: PTI | New Delhi | Published:September 9, 2016 2:16 pm

Shares of Yes Bank plunged over 6 per cent on Friday after the company deferred its plans to raise USD 1 billion, citing extreme volatility in trading due to misinterpretation of new QIP guidelines.

The stock slipped 6 per cent to Rs 1,250.35 on BSE.

At NSE, shares of the company plunged 6.12 per cent to Rs 1,246.95.

Yes Bank’s stock had closed 5.32 per cent down in the previous session also.

Due to extreme volatility during yesterday’s trading day because of misinterpretation of new QIP guidelines, Yes Bank has been advised by its appointed merchant bankers to defer its proposed QIP, the company said on Thursday.

Executive Officer Rana Kapoor had said the bank will raise USD 1 billion from overseas investors in the current fiscal.