Shares in India's Yes Bank Ltd plunged 60% on Friday as panicky depositors ...
) plunged 60% on Friday as panicky depositors rushed to withdraw funds after the central bank took control in a dramatic late-night move and limited withdrawals from the troubled lender.
Shares of Yes Bank plunged as much as 85% to wipe out more than $1 billion of market value, marking the biggest intra-day fall in an Indian blue-chip stock. By early afternoon, the stock was down 60% after paring losses. “I will struggle to pay salaries to my staff, or pay any of my vendors, because of the restrictions,” said Chintan Patel, a building contractor in the western city of Ahmedabad.
tumbling as much as 3.9% to its lowest since last September. The Nifty Bank Index was down 4.65% by 0630 GMT.The RBI placed Yes Bank under a moratorium on Thursday, and said it would swiftly work on a revival plan. In a regulatory filing on Thursday, State Bank of India , the largest state-run lender, said its board had given in-principle approval to explore an investment in Yes Bank.“ was inevitable, and was in the offing for some time,” said Deepak Jasani, an analyst at HDFC Securities.
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