NSE in its circular said that no Future and Options contracts shall be available in the Yes Bank for trading in the equity derivative segment from May 29, 2020 onwards.
The Indian equity market has been beaten black and blue after Sensex and Nifty touched their lowest levels of 2020 as banking stocks got hammered after the Reserve Bank of India placed YES Bank under a moratorium and took over its board.
Sensex is down 1,203.18 points or 3.13 percent at 37267.43, and the Nifty shed 367.10 points and is trading at 10901.90.
Banking stocks came under pressure after the sell-off in the Yes Bank as RBI superseded the bank's board and capped per day deposit withdrawal limit at Rs 50,000.
Major global brokerages also remained bearish on the Yes Bank stock post the RBI action.
National Stock Exchange (NSE) in its circular said that no Future and Options contracts shall be available in the Yes Bank for trading in the equity derivative segment from May 29, 2020 onwards.
JP Morgan is underweight on YES Bank and has cut target to Re 1 while UBS has maintained a sell call with target at Rs 20 per share. Macquarie has an underperform call on the stock with target at Rs 25 per share.
Coronavirus fear which has worsened beyond China has stoked fears of a prolonged world economic slowdown. The metal index cracked over 4 percent dragged by Tata Steel, JSW Steel, Jindal Steel & Power, Hindalco Industries, Vedanta, Welspun Corp and NALCO.Apart from YES Bank, the top losers included Tata Motors, IndusInd Bank, Tata Steel, State Bank of India and Zee Entertainment.
The most active stocks included State Bank of India, IndusInd Bank, Reliance Industries, HDFC Bank and Bajaj Finance.
524 stocks hit fresh 52-week low on the BSE including YES Bank, Allahabad Bank, SpiceJet, Piramal Enterprises, PNB Housing, IndusInd Bank, Future Retail, LIC Housing, Andhra Bank, Dilip Buildcon, Graphite India, Concor, BHEL, Kalpataru Power, Vedanta, Hindalco Industries, InterGlobe Aviation, NBCC, Adani Ports, Tata Chemicals and ONGC among others.
About 222 shares have advanced, 1703 shares declined, and 80 shares are unchanged.
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