MUMBAI: Shares of YES Bank took a marked turn for the worse on Thursday, plunging to a historic low of 29 per cent.
Reason: the banking regulator slipped some unwelcome changes, short-circuiting the bank’s CEO & MD Rana Kapoor’s tenure to just four months as against three years.
This was reason enough for brokerages to go on a rampage and revise ratings, though few held onto the belief that life at the private lender will go on, after all.
In intraday trade, shares fell as much as 34 per cent, the steepest fall since the bank’s listing, to Rs 210.10 – a level last seen on June 24, 2016. Shares closed at Rs 227.05, down 28.71 per cent from its previous close, wiping off nearly Rs 21,000 crore in market capitalisation.
Kapoor’s leadership came under RBI scanner following underreporting of bad loans worth Rs 10,000 crore.
The bank’s board will meet next Tuesday to decide on the bank’s future course.