YES Bank share price fell below its follow-on public offer price of Rs 12 on Tuesday, down for the seventh straight session. The stock hit its day's low of Rs 11.10. The share has lost over 42% in the last 7 sessions.
Share price of YES Bank plunged to the intraday low of Rs 11.10 in opening trade today, down 9.7% against the previous close of Rs 12.30 on BSE. The stock also touched an intraday high at Rs 11.90. YES Bank shares have been falling since it concluded its Rs 15,000-crore follow-on public offer (FPO). The FPO closed on July 17 and its shares started trading on Monday, July 27, 2020. However, rating agency Moody's said capital raising by the bank was credit positive.
In major updates on the private lender, State Bank of India said its holding in YES Bank has come down to 30% after the FPO. Prior to the FPO, SBI's holding in YES Bank stood at 48.21 per cent, the country's largest lender said in a regulatory filing.
YES Bank share is trading below 5, 20, 50, 100 and 200-day moving averages. YES Bank stock price has fallen 41% in one week, 57% in one month and 75% year-to-date. Market capitalisation of the lender stood at Rs 28,562.59 crore as of today's session.
Earlier on July 17, YES Bank managed to close its FPO with 95% subscription, driven by institutional investors. The shortfall was funded by SBI after the private lender managed to raise Rs 14,267 crore at the lower end of the price band of Rs 12-13 per share out of its total target of Rs 15,000 crore,
In another release, YES Bank said Bay Tree India, an entity controlled by American investor Tilden Park, has been allotted 7.48 per cent stake or 187.5 crore shares in the firm.
SBI stake in YES Bank falls to 30% after FPO
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