YES Bank shares plunge 20% as stock continues with its losing streak for fourth straight session

YES Bank’s stock has fallen 20 percent in Thursday’s trade, continuing with its losing streak for the fourth straight session. According to a report on Economic Times, even though it had sell orders in the Rs 14.60 to Rs 14.80 range on BSE, it had no buyers. According to the report, the stock has been on a downward spiral ever since the bank concluded its Rs 15,000 crore follow-on public order (FPO). YES Bank was almost bankrupt in March and was rescued by a Reserve Bank-led bailout plan under which SBI picked up 49 percent equity in the private sector lender. As per a report in Business Standard, the bank had fixed a price band of Rs 12-13 for the public issue and managed to raise almost Rs 4,100 crore through anchor allotments by issuing shares at Rs 12 per share. The report adds that in the last two weeks, the stock declined 45 percent from a level of Rs 26.65 touched on 9 July. YES Bank has said that the funds raised via FPO will be used for growth and expansion, including the enhancement of its solvency, capital adequacy ratio and evolving regulatory requirements. According to a report in Business Today, YES Bank’s FPO received 93 percent subscription on the final day of bidding. The FPO received bids for 84.78 crore shares against the offer size of 90.99 crore shares which translated into a subscription of 93 percent, according to data available with the National Stock Exchange.