85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Price of Yes Bank shares gave up all gains and fell over 39 per cent to Rs 17.45 on Thursday on the NSE Nifty.
In the previous two sessions, the stock had surged over 77 per cent.
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On the NSE, the stock was quoting 12.67 per cent lower at Rs 25.15. It hit a low of Rs 17.45, shedding more than 39 per cent.
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Similar trends were witnessed on the BSE Sensex where the shares of Yes Ban were trading at Rs 25.10, down by 12.85 per cent after it touched an intra-day low by 21.70 per cent at Rs 22.55.
The troubled bank’s stocks had rallied after State Bank of India (SBI) had agreed to pick up 49 per cent stake in the private-lender for Rs 2,450 crore.
The Reserve Bank of India is working out a rescue plan for Yes Bank to keep the bank afloat amidst the situation that the bank has sunk to by offering credit to companies that now face huge liquidity issues and are on the brink of closure.
Last week, the RBI has imposed a moratorium on the bank, capping withdrawals at Rs 50,000 per account.
Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor.
(With input from agencies)
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