YES Bank tumbles after deferring QIP

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YES Bank fell 3.5% to Rs 1,284 on the BSE after the company said it has deferred its proposed qualified institutional placement of shares.

On BSE, so far 2 lakh shares were traded in the counter, compared with average daily volume of 1.82 lakh shares in the past one quarter. The stock hit a high of Rs 1,275 and a low of Rs 1,250.35 so far during the day. The stock hit a record high of Rs 1,450 on Wednesday, 7 September 2016.

The stock hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had outperformed the market over the past 30 days till 8 September 2016, rising 5.21% compared with 4.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.27% as against Sensex's 9.05% rise.

The large-cap company has equity capital of Rs 421.35 crore. Face value per share is Rs 10.

Yes Bank announced that due to extreme volatility during trading day on 8 September 2016 because of misinterpretation of new qualified institutional placement (QIP) guidelines, the bank has been advised by its appointed Merchant Bankers to defer its proposed QIP.

It may be recalled that the bank had announced on 7 September 2016 opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. The bank announced Rs 1,371.84 per share as the floor price at that time.

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