Fiasco-hit YES Bank’s shares tanked over 25% on Thursday after the private lenders largest promoter Madhu Kapur sold nearly 2.5 crore shares worth Rs 161 crore at Rs 65 per share.
The stock exchange data showed that the shares were sold via block deal on the National Stock Exchange. The sale of Madhu Kapur’s stake amounts to 14% of her stake in the bank. She earlier held 17.6 crore shares in the private lender.
Additionally, she also pledged 25 lakh shares of her family’s shareholdings in the bank. Kapur, who is the widow of Founder of Yes Bank Ashok Kapur, now has 3 lakh shares that have not been pledged.
The shares have been pledged to HSBC Investdirect Financial Services.
The stock was trading at Rs 46.40, down by Rs 14.40, or 23.68% after ralling 85% in the previous week.
The Reserve Bank on Monday announced it will conduct the fifth tranche of the long-term repo operations (LTROs) for Rs 25,000 crore on March 18, in its bid to secure adequate liquidity to the troubled financial markets.
The central bank also announced the details of the second dollar-rupee swap for USD 2 billion on March 23.
Taking into consideration the requirement of US dollars in the market, it has been decided to undertake another 6-month dollar sell/buy swap auction to provide liquidity to the forex market for USD 2 billion.
RBI aslo assured that crippled Yes Bank has enough funds to meet any requirements and promised that the central bank will step in with additional liquidity support if needed.
Troubled private lender Yes Bank will be dropped from benchmark index Nifty 50, banking index Nifty bank and other Nifty indices from March 19, Thursday, NSE Indices said.
The moratorium, which was placed by Reserve Bank of India on March 5, restricting withdrawal to Rs 50,000 per account, was also lifted by 6 pm on Wednesday.