Yes Bank defers $1-billion QIP; shares extend losses

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New Delhi | Updated: September 9, 2016 5:05:21 PM

YES Bank shares extended their losses on Friday and fell as much as 6 per cent after the lender decided to defer an up to $1 billion share sale to institutions.

Yes Bank sharesYES Bank shares extended their losses on Friday and fell as much as 6 per cent after the lender decided to defer an up to billion share sale to institutions. (PTI)

YES Bank shares extended their losses on Friday and fell as much as 6 per cent after the lender decided to defer an up to $1 billion share sale to institutions. At 12.31 pm, shares of YES Bank were trading 2.90 per cent down at Rs 1292.10. The scrip opened the day at Rs 1,260 and has touched a high and low of Rs 1296.50 and Rs 1250.35, respectively, in trade so far. Later, the scrip ended 4.01 per cent down at Rs 1277.25. Shares of the bank slipped over 5 per cent on Thursday.

In a BSE filing, YES Bank said, “Due to extreme volatility during Thursday’s trading day because of misinterpretation of new QIP guidelines, YES Bank has been advised by its appointed merchant bankers to defer its proposed QIP.” The bank had launched the qualified institutional placement (QIP) late on Wednesday.

In the past one year, shares of the company have risen 91 per cent to Rs 1330.65 till September 8, whereas BSE Sensex gained 14.72 per cent during the same period.

For the quarter ended June 30, 2016, the company reported net profit of Rs 731.80 crore, up 32.76 per cent, against Rs 551.20 crore in the same quarter last year. Total income of the bank grew by 25.44 per cent year-on-year to Rs 4762.83 crore for the quarter under review against Rs 3797.02 crore in the same quarter last year.

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