Yes Bank shares plunge 20% in afternoon trade after further 2.16% stake sale by promoters

New Delhi: Shares of Yes Bank went into a tailspin in afternoon trade on Tuesday despite a positive opening, tumbling nearly 20 percent.

The scrip came under massive selling pressure in afternoon trade, giving up its early gains and plunged 19.90 percent to Rs 33.20 – its multi-year low – on the BSE.

On the NSE, shares plummeted 19.92 percent to Rs 33.15.

It was the biggest loser on both the Sensex and Nifty.

Meanwhile, according to the company’s filing on the BSE on Tuesday, promoters have further sold 2.16 percent stake in the bank.

Yes Capital, Morgan Credits Pvt Ltd and Rana Kapoor have sold 5.52 lakh shares or 2.16 percent stake in Yes Bank through open market transaction during 26-27 September.

Shares of Yes Bank on Monday tumbled 15 percent amid concerns over its exposure to Indiabulls Housing Finance.

Yes Bank in a statement on Monday said recent market rumours and reports appear to have generated a lot of speculation around the private sector lender.

“We strongly refute them as being speculative, unsubstantiated, and irresponsible,” Ravneet Gill, MD and CEO, Yes Bank said on Monday.