Shares of Yes Bank tumbled over 22% on the BSE in the morning trade after Madhu Kapur wife of Yes Bank’s co-founder Ashok Kapur has sold about 2.5cr shares of the bank at Rs65 a piece netting her Rs161cr.
Prior to the sale, Madhu Kapur held 176 million shares in the bank. Three-fourth of this holding has been locked in for 3-years as part of the restructuring plan for the bank.
As per reconstruction scheme, shareholders cannot sell 75% of their shareholding for three years.
The stock is currently trading at Rs49.90, down by Rs10.9 or 17.93% from its previous closing of Rs60.80 on the BSE.
The scrip opened at Rs59 and has touched a high and low of Rs62 and Rs45.15 respectively.
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