Yes Bank tanks 35%

Yes Bank, today within minutes of opening hit the 35% LC at Rs.24, also a new 52-week low.

The stock price of the Bank crashed after RBI, yesterday evening superseded the board of the lender and imposed curbs on its operations for a month. The former State Bank of India CFO Prashant Kumar has been appointed as the administrator.

RBI has imposed a moratorium on Yes Bank, restricting the withdrawal of deposits to Rs 50,000, withdrawal over this amount will require RBI permission.

And very late into the night, SBI stated in a filing to the stock exchanges that its Board has given an in-principle approval to look at an investment opportunity in Yes Bank.

Currently, RBI has averted any sudden collapse of Yes Bank and now we have to wait and see who takes over the bank.