YES Bank share price tumbles over 23% after promoters offload 2.16% stake

YES Bank share price plummeted over 23% in trade today on a report that the lender's promoters have sold another 2.16% stake in the bank. YES Bank share price tumbled 23.88% to a fresh 52-week low of Rs 31.55 against the previous close of Rs 41.45 on BSE. YES Bank share price has lost 42.73% in the last five adding sessions.

According to a report in The Economic Times, YES Capital (India), Morgan Credits Private and Rana Kapoor jointly sold 552 lakh shares, or 2.16 per cent, stake in the open market during September 26 to September 27.

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Of late, YES Bank promoters have been frequently selling their stake. On September 27, the stock fell 5% intra day after promoter YES Capital sold 1.8% stake in the lender to prepay Rs 630 crore borrowed from Franklin Templeton Asset Management via non-convertible debentures.

This was the second time within a week that a promoter of YES Bank had sold shares to prepay NCDs. According to reports on September 21, promoter group companies of YES Bank along with co-founder Rana Kapoor, sold a combined 2.75 per cent stake in the lender in open market.

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Yes Capital (India) Pvt Ltd, Morgan Credits Pvt Ltd and Rana Kapoor sold a combined 2.75 per cent in YES Bank through the open market process, according to a regulatory filing. The combined entities held 9.64 per cent holding in the bank, which then stood at 6.89 per cent. The release of shares took place between September 18 to September 20, 2019, the filing said.

Edited by Aseem Thapliyal