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YES Bank shares fell 25% on Thursday after company's single largest promoter Madhu Kapur, the widow of its founder-chairman Ashok Kapur, sold 2.5 crore bank shares in a block deal.
According to the regulatory statement submitted, the shares have been pledged with HSBC Investdirect Financial Services (India).
Following the update, shares of YES Bank opened with a loss of 2.96% today at Rs 59, compared to their last close of Rs 60.80 on BSE. YES Bank stock price fell further to hit the day's low of Rs 45.15, declining 25.74% on BSE. The stock has traded in a wide range of Rs 16.85 today.
Stock price of YES Bank has risen 99% in one week, 41.5% in one month and 6.39% year to date.
Kapur has pledged an additional 0.098% or 25 lakh share of total 17.5 crore shareholding, worth 6.87% stake in the lender. After this, she has 0.3 crore shares, worth 0.117% stake that are not pledged shares, as per the filing.
The development was reported on Wednesday, the day Reserve Bank lifted moratorium on the private lender.
In another update, the India Ratings revised its rating watch for Basel III Tier 2 bonds and Infrastructure bonds of YES Bank to 'Evolving'. It has also withdrawn the AT1 Bonds Rating.
"The revision of the rating watch to evolving follows the systemic support Yes Bank has received recently in terms of both equity and liquidity from the new set of investors and the regulator for its reconstruction," the brokerage firm said.
India Ratings added that it has also considered the pressure that could show up on the liabilities once the regulator-imposed moratorium is lifted.
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