Yes Bank stock dips over 11% after large amount of share transaction

Mumbai: Shares of Yes Bank tumbled over 11 per cent during early hours on Monday following reports that the Securities and Exchange Board of India (SEBI) may look into a large amount of share transaction of the bank under the Securities Lending and Borrowing Mechanism (SLBM).

On July 9, investors reportedly borrowed 95.9 lakh shares worth Rs 5.9 crore for an interest rate of around Rs 7 per share.

Investors borrowed these shares for a one-month period with settlement due on August 6.These transactions took place a day prior to the announcement of the bank`s floor price for its follow-on public offer (FPO).

The Enforcement Directorate is expected to file the second prosecution complaint in the Yes Bank money laundering case later today.

At 11 am, Yes Bank stock was trading 11.18 per cent lower on BSE at Rs 22.65 per unit.