Yes Bank shares continue to fall, tumble nearly 9% amid concerns over exposure to CG Power

  • In intra-day trade, Yes Bank shares tanked 9.47 percent to Rs 64.50 -- its 52-week low

  • Shares of Yes Bank on Tuesday also dropped over 7 percent

  • Yes Bank has exposure to CG Power and Industrial Solutions which has been hit by alleged financial irregularities and unauthorised transactions

New Delhi: Shares of Yes Bank on Wednesday also tumbled nearly 9 percent amid concerns over its exposure to CG Power and Industrial Solutions which has been hit by alleged financial irregularities and unauthorised transactions.

The stock dropped 8.21 percent to close at Rs 65.40 on the BSE. During the day, it tanked 9.47 percent to Rs 64.50 -- its 52-week low.

On the National Stock Exchange (NSE), the company's shares plummeted 8.63 percent to close at Rs 65.05 apiece.

 Yes Bank shares continue to fall, tumble nearly 9% amid concerns over exposure to CG Power

Representational image. Reuters.

As many as 155.93 lakh shares of the company were traded on the BSE and over 22 crore shares on the NSE during the day.

Shares of Yes Bank on Tuesday also dropped over 7 percent.

Yes Bank has 12.79 percent stake in CG Power as in the June 2019 quarter on the BSE.

"While working on one of its priority tasks of seeking refinancing of certain facilities and as part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorised transactions by certain employees of the company," said CG Power in a BSE filing on Tuesday after a marathon meeting.

The board also found that the total liabilities of the company and the group may have been potentially understated.

The filing also said advances to related and unrelated parties of the company and the group may have been potentially understated.

Updated Date: Aug 21, 2019 17:44:20 IST