Yes Bank Shares Extend Losses, Slump 13% In Three Days

Yes Bank came under sharp selloff for a third straight session on Friday, with the stock falling over 6 per cent at the day's low. Yes Bank shares have now shed over 13 per cent in the last three sessions. The stock was the top Nifty50 loser today. 

The selloff in Yes Bank is being linked to the private lender's decision to defer its Rs 6,600 crore QIP (qualified institutional placement) issue. On Thursday, Yes Bank had pulled back its QIP on the advice of merchant bankers, citing share price volatility and new rules for QIPs. 

"The QIP guidelines for some amazing reason require the QIP to be kept open for three days, even after it is oversubscribed," said Yes Bank chief executive Rana Kapoor. 

He did not say whether the issue had been fully subscribed, but did describe the response as "fantastic". 

Mr Kapoor said that the sale would be relaunched at a later date but "definitely before" March 2017.

(With inputs from Reuters)