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Yes Bank Stock Slides As 3-Year Share Lock-In Period Ends

Yes Bank Stock Slides As 3-Year Share Lock-In Period Ends

Yes Bank shares have declined by over 50% since the restructuring. (file)


Shares of Yes Bank Ltd fell 12.7% to a seven-month low on Monday at the end of a three-year lock-in period that prevented investors from selling stock they acquired as part of the lender’s restructuring Was.

The Reserve Bank of India (RBI) in March 2020 required shareholders of Yes Bank, including State Bank of India (SBI) and other private lenders, to hold 75% of the shares acquired as part of the restructuring.

Yes Bank shares have plunged over 50% since the restructuring, including a plunge of nearly 20% this year after the lender reported a surprising 80% drop in quarterly profit in January.

See also  Yes Bank Reports Surprise 80% Plunge In Quarterly Profit

At its lowest level on Monday, shares of Yes Bank registered their biggest intraday percentage decline in nearly three years before trading 3.3% lower at Rs 15.95.

According to regulatory data, SBI – the largest shareholder of Yes Bank with 26.14% stake in Yes Bank as of December 31 – and other lenders had acquired the bank’s shares in March 2020 at Rs 10 per share.

ICICI Bank Ltd., Axis Bank Ltd., IDFC First Bank Ltd., Kotak Mahindra Bank Ltd. and Housing Development Finance Corp. and state-owned Life Insurance Corp. of India hold 1% to 4.34% stake in Yes Bank.

See also  Yes Bank Stock Rises Marginally As SBI's 3-Year Lock-In Period Ends

According to Refinitiv data, Yes Bank has a “Sell” recommendation from 14 analysts covering shares, while their average price target is Rs15.

(Except for the headline, this story has not been edited by Our Source staff and is published from a syndicated feed.)

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