Yes Bank Dips Over 7% on Concerns Over Exposure to CG Power
The company's market valuation fell by Rs 3,035.31 crore to Rs 16,524.69 crore on the Bombay Stock Exchange. It's market valuation fell by Rs 3,035.31 crore to Rs 16,524.69 crore on the BSE.
Image for representation. (Photo Reuters)
New Delhi: Shares of Yes Bank on Tuesday dropped over 7 per cent amid concerns over its exposure to CG Power and Industrial Solutions which has been hit by alleged financial irregularities and unauthorised transactions.
The scrip tanked 7.11 per cent to close at Rs 71.25 on the BSE. During the day, it plummeted 8 per cent to Rs 70.55. On the NSE, the shares tumbled 6.65 per cent to close at Rs 71.55.
It was the top loser among the front-line companies on both the key indices BSE Sensex and NSE Nifty.
The company's market valuation fell by Rs 3,035.31 crore to Rs 16,524.69 crore on the BSE.
In terms of traded volume, 104.52 lakh shares were traded on the BSE and over 16 crore shares on the NSE during the day.
Yes Bank has 12.79 per cent stake in CG Power as in the June 2019 quarter on BSE.
"While working on one of its priority tasks of seeking refinancing of certain facilities and as a 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 early morning on Tuesday post 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 that advances to related and unrelated parties of the company and the group may have been potentially understated.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Sonakshi Sinha Replies to People Trolling Her For Not Answering KBC Ramayan Question
- Watch: Zoo Shares First Glimpse of Kiki, a Baby Red Panda
- Delhi Cab Drivers Carry Condoms in First-Aid Box and it's Not Just for Safe Sex
- Deepak Punia Books Tokyo Olympics Quota After Entering Semis at World Wrestling Championships
- Sony Bravia A9G OLED Master Series Review: The TV to Buy If You Are Rich Enough