ADVERTISEMENT
Forced Stake Sale Behind Fall, Says Yes Bank After Shares Plunge 23%: 10 Points
02 Oct 2019, 06:05 PM IST 
Yes Bank shares ended 22.80 per cent lower on Tuesday.
- In its filing to the Bombay Stock Exchange on Wednesday, Yes Bank said its liquidity position remains "well in excess of regulatory requirements".
- Its liquidity coverage ratio - a measure of highly liquid assets held by a financial institution - was in excess of 125 per cent as on September 30, it said. Financial institutions are required to maintain a liquidity coverage ratio of 100 per cent.
- Yes Bank shares ended 22.80 per cent lower on Tuesday, falling for the fifth day in a row and shedding a total 42.91 per cent during this period.
- A selloff across financial sector stocks weighed on the domestic stock markets on Tuesday as fraud allegations against a top mortgage lender and a prominent bank spooked investors.
- Analysts say worries about the health of the country's financial sector hurt investor sentiment.
- Four banking stocks including Yes Bank and the country's largest lender, SBI, contributed to half of the losses on benchmark index Sensex.
- Milestone Trusteeship Services invoked and sold 10 crore Yes Bank shares pledged by founder Rana Kapoor, according to the filing. Milestone Trusteeship Services is the trustee for an issue of bonds by Yes Bank promoter Morgan Credits Private.
- In a separate filing on Tuesday, Yes Bank said Morgan Credits, founder Rana Kapoor and Yes Capital trimmed their stake by 2.16 per cent.
- The country's financial sector is struggling against more than Rs 10 lakh crore worth of non-performing assets or bad loans.
- Yes Bank's shares were the worst hit ion both benchmark indices Sensex and Nifty in terms of percentage change. The domestic financial markets remained shut on Wednesday for Mahatma Gandhi Jayanti. Trading will resume on Thursday.