Yes Bank shares continue slump despite QIP deferment

The shares of Yes Bank plunged over 6% on Friday even after the company put off its plans to raise nearly $1 billion through QIP. 

YES Bank had launched a QIP issue to raise $1 billion but deferred it soon after as its shares tanked over 5% on Thursday. The Bank said that a misintepretation of the new QIP guidelines led to a massive sell-off of its shares. 

Due to extreme volatility in Thursday's session because of misinterpretation of new QIP guidelines, Yes Bank has been advised by its appointed merchant bankers to defer its proposed QIP, the company told BSE. YES Bank's stock had closed 5.32% down on Thursday.

On Friday, YES Bank's shares continued to slump for a second day. The stock slipped 6% to Rs 1,250.35 on BSE. At NSE, shares of the company plunged 6.12% to Rs 1,246.95. 

Earlier in June, Yes Bank Managing Director and Chief Executive Officer Rana Kapoor had said the bank will raise $1 billion from overseas investors in the current fiscal.