Hurried dumping of shares hits Yes Bank

apoor and his group entities had sold 2.16 per cent of their stake (worth Rs 510 crore) in the lender through open market transaction on September 26 and September 27. Earlier last week, Yes Capital, one of the promoter entities, sold 1.8 per cent of Yes Bank. Last month, another promoter, Morgan Credits, had also sold a 2.75 per cent stake in Yes Bank. Prior to these sales, Yes Capital, Morgan Credits and Rana Kapoor held 9.64 per cent in Yes Bank. The latest invocation of pledge will result in the holding of the Kapoor family falling below 1 per cent in Yes Bank.The bank said it has trimmed its loan book during the three-month period ended September 30. The lender said its gross advances as on September 30, 2019 stood at Rs 2.32 lakh crore against Rs 2.42 lakh crore by June-end 2019, with a higher share of retail advances compared with June. "The reduction in advances was effected to enhance capital efficiency,'' the bank said.Deposits aggregated to Rs 2.09 lakh crore as on September 30 with the low-cost CASA (current and savings accounts) ratio improving to nearly 30.8 per cent compared with 30.2 per cent as on June 30, 2019.Meanwhile, the Ashok Kapur family on Wednesday affirmed full support to Yes Bank, following co-promoter Rana Kapoor's near-complete exit from the lender. "We stand firmly behind Yes Bank and have complete and full faith in the leadership and management of the bank," Ashok Kapur's daughter Shagun Gogia told PTI. The family's ownership is over 8.7 per cent and very miniscule part of it is pledged, she said. The level of the pledge, which has proven to be the undoing for the Rana Kapoor family, has been unchanged for the last decade, she added. Yes Bank also asserted that its financial and operating metrics remain intrinsically stable. "Over the past few days, unfounded speculation regarding the bank's deposits/liquidity have been brought to its notice. In this regard, kindly note that the bank had a Liquidity Coverage Ratio in excess of 125 per cent as on September 30, 2019, which is well above the minimum regulatory requirement of 100 per cent," it said. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Telegraphhttps://anotepad.com/notes/6h53a3m