Shares of YES Bank pared opening losses in Monday’s session and traded flat after the scrip was excluded from the 30-share benchmark Sensex.
The shares opened 3 per cent down from the previous close on BSE but recovered quickly. The scrip was trading at Rs 51.35 at around 12 pm, unchanged from Friday close.
YES Bank is among the four stocks that were ousted from Sensex on Monday. Others are Tata Motors, Tata Motors DVR and Vedanta. They have been replaced with Nestle India, Titan and UltraTech Cement.
The lender has been among the worst performers on Sensex as it is dealing with a number of issues including shrinking liquidity and spike in bad loans. During the year it came on to the brink of becoming a smallcap, while still being a part of Sensex as bears hammered the stock mercilessly.
The private sector lender’s stock is down 71 per cent year-to-date, however it has gained 10 per cent in the last one week. As of now, its market cap stands at Rs 13,083.
YES Bank is seeking to raise funds from various institutional investors and is currently scrutinising their offers. It is also considering a Qualified Institutional Placement and plans to finalise the fundraising process “at the earliest”.
Source: Economic Times
