YES Bank shares fall below FPO price of Rs 12; stock slips 58% in 13 days

YES Bank continued to trade under pressure, falling below its follow-on public offer (FPO) price to Rs 11.10 and down 10 per cent in on the BSE on Tuesday in early trade. By 11:56 am, however, the stock had partially erased its losses and was trading 7 per cent lower at Rs 11.45 on the BSE. In comparison, the S&P BSE Sensex was up 0.42 per cent or 161 points at 38,095 levels.

The trading volumes on the counter have more-than-doubled, with a combined 640 million equity shares changing hands on the NSE and BSE. In the past 13-trading days, the stock has slipped 58 per cent from level of Rs 26.65 on July 9, 2020.

The private sector lender had raised Rs 15,000 crore through FPO by issuing shares at price of Rs 12 per share. Over 12.5 billion new shares issued in the FPO commenced trading on Monday.

YES Bank FPO had managed to sail through with 95 per cent subscription, driven by institutional investors, even as high networth individuals (HNIs) and retail investors showed tepid interest in the bank's offering. While the qualified institutional buyers (QIB) portion was subscribed 1.4 times, the segments meant for HNIs and retail buyers were subscribed just 63 per cent and 43 per cent, respectively.

meanwhile, according to a Business Standard report, several brokers have come under the lens of the Securities and Exchange Board of India (Sebi) for facilitating the sale of YES Bank shares issued in the FPO last week, defying a freeze on them. CLICK HERE TO READ FULL REPORT