Last week, the QIP issue already created a stir in the market. It was anticipated to be a smooth exercise but ended in a shambles with the share sale having to be discarded on September 8, less than 24 hours after being launched. Yes Bank shares which had risen to stratospheric heights in the last financial year, took an alarming plunge this year. Yes Bank share price kept on falling since last week, and it was hoped that its deferment would pull the stock out of the red, but all the anticipations went in vain. Intraday on Monday the stock continued to follow the trend that it has set, trading below 4.53% at Rs. 1,218.45. Considering today's fall, Yes Bank's shares are down close to 20 per cent in four days.
The sentiment in Yes Bank shares took a beating post the private sector lender last week postponed its plans to raise $1 billion (Rs 6,600 crore) through QIP (qualified institutional placement), quoting utmost volatility in trading because the new guidelines were misinterpreted. The issue was pulled on after following the advice given by merchant bankers. Some analysts also attributed the fall in Yes Bank shares to profit-taking after the shares of the lender nearly doubled year to date. Analysts are of the view that Yes Bank trades attractively at 3.4 times its FY17 estimated book value. It holds fundamentally strong position and 25 per cent-plus growth rates are achievable for the lender.
Yes Bank share price opened at Rs. 1,249.00 against its previous closing at Rs. 1,276.25. Within three hours after the trading session commenced, the stock touched the day’s high and low at Rs. 1,249 and Rs. 1201.00 respectively. The stock broke its yearly high back to back four times last week and presently the 52 week high value of Yes Bank share price is seen at Rs. 1,449.00 on 6th Sept ’16. On the other hand the 52 week low value is recorded at Rs. 631.55 on 20th Jan ’16.
For further details refer to Yes Bank share price forecast.
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