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Yes Bank informed the exchanges today via a press release that in exercise of the powers conferred under 36ACA of the Banking Regulation Act 1949, the Reserve Bank has in consultation with Central Government, superseded the Board of Directors of Yes Bank Ltd for a period of 30 days owing to serious deterioration in the financial position of the Bank. This has been done to quickly restore depositors’ confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation. Shri Prashant Kumar, ex-DMD and CFO of State Bank of India has been appointed as the administrator under Section 36ACA (2) of the Act.
The shares of Yes Bank tanked ~30% in trade today on the NSE.
Stock view:
Yes Bank Ltd is currently trading at Rs25.80 down by Rs11.05 or 29.99% from its previous closing of Rs36.85 on the BSE.
The scrip opened at Rs33.20 and has touched a high and low of Rs33.20 and Rs25.80 respectively. So far 90,10,598 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs9,398.49cr.