IndiaCatalog.com
India News
Search Web Directory
News Home
YES Bank hits 6-week low ahead of board meet; stock falls 24% in eight days
Posted on 10th December 2019
Shares of YES Bank declined 5 per cent to hit a six-week low of Rs 53.40 on the BSE ahead of the board meeting slated for later today to finalize and approve the details of the preferential allotment.

The stock of private sector lender was trading at its lowest level since October 29, 2019. In the past eight trading days, it has fallen 24 per cent, as compared to a 2 per cent decline in the S&P BSE Sensex.

The stock hit an intra-day high of Rs 74 on November 29, after YES Bank said it increased the size of its equity capital offer to $2 billion from the earlier guidance of $1.2 billion on "strong interest" shown by NRI investors, including a $1.2 billion offer by Erwin Singh Braich and SPGP Holdings, and $500 million by Citax Holdings and Citax Investment Group.

However, according to a Bloomberg report, YES Bank is likely to reject the offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall.

Global firm Moody's notes that there are significant execution risks around the timing, price and regulatory approvals required for offered received by YES Bank. Subsequently, on December 5, the global rating agency downgraded the bank's long-term foreign currency rating from "Ba3" to "B2" with negative outlook.

Moody's downgraded the ratings on expectation that the bank's pool of potential stressed assets and low loss absorbing buffers against those assets - will add pressure to its funding and liquidity, creating additional risks to its standalone credit profile or Baseline Credit Assessment (BCA).

Given the negative outlook, Moody's is unlikely to upgrade the bank's ratings over the next 12-18 months. Nevertheless, Moody's could change the ratings outlook to stable, if YES Bank concludes a material capital raise that strengthens its loss-absorbing buffers, the rating agency noted.

At 10:51 am, YES Bank erased partial intra-day losses and was trading 2 per cent lower at Rs 55 on the BSE. In comparison, the S&P BSE Sensex was down 0.21 per cent at 40,402 points. A combined 100 million equity shares have changed hands on the counter on the NSE and BSE so far.

Other Latest News
Adani Gas crashes 14% on report of gas regulator's notice on non-disclosure
Posted on 24th January 2020

Shares of Adani Gas slipped 14 per cent to Rs 148 on the BSE in Friday's session on reports that Petroleum and Natural Gas Regulatory Board of India (PNGRB) has sent a notice to the company for failing to disclose crucial information regarding a scheme of arrangement with Adani Enterprises.

According to the report by TV channel CNBC Awaaz, Adani Gas has bid for gas projects using networth calculations of Adani Enterprises and that the company’s shareholding changes and restructuring violated city gas distribution regulations.


Shiv Sena questions Centre on democracy ranking drop, economic woes
Posted on 24th January 2020

The Shiv Sena on Friday said there have been attempts to muzzle dissenting voices and this is one of the reasons for India slipping in the 2019 Democracy Index’s global ranking. An editorial in Sena mouthpiece Saamana said a slowdown in economy gives rise to unrest and instability, and this was getting reflected in the prevailing situation in the country.

Now (after an economic slowdown) there is a slide in (India’s) global democracy index ranking, the Marathi daily said.


Grilled on CAA at WEF, Goyal says Muslims in India safer than anywhere else
Posted on 24th January 2020

Union minister Piyush Goyal on Thursday said Muslims in India are safer than most places in the world.

India is probably one of the most inclusive societies in the world, Goyal said here at a session on 'Strategic Outlook: India' at the WEF 2020.


Judge who issued death warrants against Nirbhaya rapists transferred to Supreme Court registry
Posted on 24th January 2020

A Delhi court judge who issued death warrants for all four convicts in Nirbhaya case has been transferred to the Supreme court registry.

Judge Satish Arora has been appointed as additional registrar in the Supreme Court on a deputation for a year.

Satish Arora had been hearing the petition of parents of Nirbhaya seeking to expedite the process of execution.


Companies announce clinical trials for vaccine against China virus
Posted on 24th January 2020

Clinical trials for a vaccine against the new virus sweeping China could be carried out in the summer, the head of an anti-epidemic coalition said on Thursday, as different companies announced research into the disease.

We can announce that we have three partnerships to develop vaccines against the novel coronavirus, Richard Hatchett, chief executive of the Coalition for Epidemic Preparedness Innovations (CEPI), said in Davos.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for YES Bank hits 6-week low ahead of board meet; stock falls 24% in eight days
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for YES Bank hits 6-week low ahead of board meet; stock falls 24% in eight days

Most Read News

HCL Tech falls 5% from day's high on profit booking post Q3 results

Citizenship Act: SC refuses to grant stay, gives Centre four weeks to reply

HDFC Bank slips over 1% as Q3 provisions rise; analysts maintain 'Buy'

India ranks 76th on WEF's Social Mobility Index, Denmark tops the list

Adani Enterprises denies wrongdoing in coal supply contracts case

More India News

Photo Gallery

Concept Cars(31 Images)Concept Cars
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement