Thursday, May 28, 2020

Yes Bank exits F&O segment, no new contracts to be available for trading from May 29

It was the last day for Yes Bankin the Futures & Options segment on May 28.
At close, the stock was down 2.17 percent to close at Rs 27 on the National Stock Exchange.

The NSE in its circular dated March 6 had said that no futures and options contracts shall be available for trading in Yes Bank from May 29 onwards.
After the lender failed to raise required money in a period of one year, the Reserve Bank of India had dismissed the board and taken the charge of Yes Bank on March 5.
After infusing Rs 10,000 crore by SBI and other private financials, the RBI on March 18 had handed over the charge to new board members.
The RBI in its release had said, "The financial position of Yes Bank has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors and withdrawal of deposits. The bank bas also experienced serious governance issues and practices in recent years which have led to a steady decline of the bank."
Yes Bank stock price lost more than 80 percent of its value in last one year and it has been in a range of Rs 22-30 since April.
The crisis-ridden private sector lender posted a net loss of Rs 3,668 crore in the quarter ended March 2020 on account of higher provisions. The loss was more than doubled compared with the Rs 1,507 crore loss reported in a year ago period.

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