Yes Bank Slides 9% In Afternoon Trade Day After Lifting Of Moratorium

A day after the moratorium imposed on Yes Bank by Reserve Bank of India (RBI) got lifted, the private lender's shares witnessed a downturn in Thursday's afternoon trade. At 1:30 pm, the bank's scrip was down 9 per cent at Rs 55.95. The stock opened at Rs 59 and slipped to Rs 45.15 down as much as 25.74 per cent from the previous closing of Rs 60.80.

The paring of losses in the stock likely came after India Ratings and Research revised the bank's rating from 'Negative' to 'Evolving', according to an offcial release sent by the bank to the bourses.

The losses on Thursday come after a spell of surge in the Yes bank stock which saw the shares appreciate by a commendable 143 per cent in the previous four sessions.

Earlier, on Wednesday 6 pm, Yes Bank resumed its services and the withdrawal limit of Rs 50,000 was lifted. RBI had earlier superceded Yes Bank's board and imposed a moratorium on the beleaguered private sector bank, permitting customers to only take out up to Rs 50,000 from their accounts in the bank with certain exceptions. 

With the lifting of moratorium the bank would also be allowed to advance loans which had also been barred by the central bank.

Yes Bank CEO-designate Prashant Kumar on Tuesday said there are absolutely no worries on the liquidity front and that complete operational normalcy would be restored with the lifting of the moratorium.