Former Yes Bank chairman Rana Kapoor and promoter group companies have sold over 2 percent stake in the bank last week. Yes Bank's stock price has plunged 43 percent in just last five sessions. On Tuesday, Yes Bank shares closed at Rs 32 per share, down 22.8 percent.
Yes Capital (India) Pvt Ltd, a promoter group company of the bank, sold a 2.17 percent stake in the bank between September 26-27, according to data available on the BSE.
Last week, YES Capital had sold 1.8 per cent stake in the private sector lender. The stake sale helped the promoter group entity to mop up around Rs 240 crore. YES Capital said the proceeds would go to Franklin Templeton Asset Management, with whom its shareholding of YES Bank was pledged, reported PTI.
Last month, Morgan Credits had sold 2.3 per cent stake in Yes Bank for Rs 337 crore to prepay a certain part of its outstanding dues to Reliance Nippon Life AMC.
Moreover, several senor bank officers have also disposed of a part of their holdings in the bank, including Rajat Moonga, senior group president of financial markets; Amit Kumar, group president of corporate and commercial banking; Puneet Nagpal, national credit manager; and Manish Vora, senior president, IBU. According to BSE data, the officers sold shares between September 17 and 23.
Besides, concerns over the bank's exposure to Indiabulls Housing Finance have also pressured the stock price after the housing finance company was accused of money laundering charges.
Ravneet Gill, managing director and CEO of the bank. said Yes Bank's exposure to Indiabulls Housing Finance has gone down around 30 percent over the last few months.
Yes Bank in a BSE filing on Monday said recent market rumours and reports about money laundering allegations against Indiabulls appear to have generated a lot of speculation around the private sector lender.
First Published: IST