Yes Bank cracks 4 per cent amidst SEBI investigation reports

According to certain media reports, Securities and Exchange Board of India (SEBI)  has launched an investigation into Yes Bank's QIP fiasco which unfolded late last week.

SEBI is looking into the lenders' notices to stock exchanges about the planned equity placement, the surge in the Yes Bank shares in the run-up to the issue date and its intra-day fall before the announcement to call off the issue. All the aspects related to the QIP are being looked at by the regulator.

Market regulator is likely to investigate the role of all the investment banks involved in the QIP issue as they look if there has been any violation of securities law being conducted by the company or its advisors.

Yes Bank's share price has declined by more than 15 per cent from the highs of last week amidst a messed up QIP, which has led to loss of investor wealth and especially small retail clients.

Reacting to these developments Yes Banks' shares came under intense selling pressure as it dropped by more than 4 per cent in early trade before closing at Rs 1224.60 i.e down by 2.30 per cent on NSE.