New Delhi, June 13 : Yes Bank stock Thursday tumbled nearly 13.5 per cent amid concerns over the state of corporate governance at the lender.
Shares of the bank plummeted 12.96 per cent to close at Rs 117.20 on the BSE. During the day, it tumbled 13.77 per cent to Rs 116.10 its multi-year low. At the NSE, shares dropped 13.46 per cent to close at Rs 116.60.
The scrip was the worst hit among the front-line companies on both key indices during the trade.
Shares of Yes Bank dropped over 3 per cent Wednesday also. In two days, it is market valuation has fallen by Rs 5,093.24 crore to Rs 27,154.76 crore on the BSE.
Moody’s Investors Service has placed Yes Bank’s ratings under review for a possible downgrade citing its high exposure to the struggling NBFC and realty sectors.
“The ongoing liquidity pressures on finance companies will negatively impact the credit profile of Yes Bank, given its sizeable exposure to weaker companies in the sector,” a Moody’s note said Tuesday.
Meanwhile, Rana Kapoor, the former managing director and chief executive at Yes Bank Thursday denied reports that he is attempting a comeback to the bank and said he has full confidence in his successor Ravneet Gill.
Kapoor’s term was curtailed by RBI due to a slew of concerns, including poor governance and loan practices.
“Media reports have suggested that I am attempting a comeback to the board, in spite of my unequivocal denial to them,” Kapoor said in a series of tweets.
