MUMBAI: Shares of Yes Bank Ltd on Thursday slumped to their 20% lower circuit and traded at ₹14.60 on BSE with heavy volumes. The stock has consistently been falling since the follow-on public offer pricing which was at a steep discount. This is even as the benchmark BSE Sensex was marginally up 43 points or 0.1% at 37,922.
The lender, which counts State Bank of India as its largest shareholder, wrapped up its ₹15,000 crore follow-on public offer on 17 June at ₹12- ₹13 a share last week. This was nearly 60% discount to its share price of 9 June. Since th, the scrip has fallen over 51%.
CARE Ratings has downgraded the debt worth ₹106.30 crore issued by Morgan Credits Pvt. Ltd from BB to D (default). Four schemes of Nippon India Mutual Fund have exposure to debt of Morgan Credits.
Morgan Credits is owned by the family of Yes Bank Ltd co-founder Rana Kapoor, who is currently in judicial custody for alleged violation of the Prevention of Money Laundering Act (PMLA).
Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.