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    Yes Bank stock plunge leaves investors about Rs 3,200 crore poorer

    Yes Bank stock plunge leaves investors about Rs 3,200 crore poorer

    Yes Bank stock plunge leaves investors about Rs 3,200 crore poorer
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    By Jyotindra Dubey   IST (Published)

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    Yes Bank shares tanked to a 52-week low of Rs 218.10 apiece on Friday after the Reserve Bank of India denied extending the term of its founding CEO Rana Kapoor and asked the private sector lender to find a successor by January 2019.

    Yes Bank shares tanked to a 52-week low of Rs 218.10 apiece on Friday after the Reserve Bank of India denied extending the term of its founding CEO Rana Kapoor and asked the private sector lender to find a successor by January 2019.
    The current stock plunge at India’s fourth-largest private sector bank led to a wealth erosion of around Rs 3,200 crore for the Yes Bank's institutional investors.
    The institutional investors, which include mutual funds, insurers and foreign portfolio investors, hold 67.67 percent stake in Yes Bank, as on July 31.
    LIC, the largest institutional investor in Yes Bank, saw wealth erosion of over Rs 1,200 crore as it holds about 8.29 percent stake in the lender. Another insurer, ICICI Prudential, which holds 2.08 percent stake, lost more than Rs 300 crore of the value of its investment in Yes Bank.
    Among mutual funds, Birla Sun Life has the highest stake of 2.39 percent and it lost around Rs 355 crore, followed by Franklin Tempelton mutual fund, whose investment  value came down by about Rs 255 crore.
    The value of investment for SBI Mutual Funds and UTI Mutual funds is also declined by Rs 195 crore and Rs 180 crore, respectively.
    Among the foreign portfolio investors, Franklin Templeton Investment Funds, which holds 1.32 percent stake in the company, saw the value of its investment fall by around Rs 200 crore. Vanguard Emerging Markets Stock Index Fund and Total International Stock Index Fund together witnessed a value erosion of over Rs 320 crore.
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