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Last Updated : Jan 13, 2020 09:53 AM IST | Source: Moneycontrol.com

Yes Bank share price dips 8% on resignation of independent director; Morgan Stanley remains underweight

Morgan Stanley has maintained underweight call on the stock with a target at Rs 25 per share.

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Yes Bank share price continued to fall for the second straight session on January 13 after the company's independent director Uttam Prakash Agarwal submitted his resignation on Friday morning.

On January 10, the share price ended at Rs 44.80, down 5.29 percent or Rs 2.50 on the BSE.

Agarwal resigned citing "serious concerns" on the state of affairs of the private sector lender and deteriorating practices.

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Meanwhile, the company's board on January 10, approved raising Rs 10,000 crore fresh capital via a mix of debt and equity.

The board also decided to not proceed with the proposed investment offer of Erwin Singh Braich/SPGP Holdings, while it is open to considering the $500 million offer from Citax Holdings and Citax Investment Group in the next meeting.

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Yes Bank to raise Rs 10,000 crore via mix of equity, debt; board rejects Erwin Singh Braich's investment proposal

Morgan Stanley has maintained underweight call on the stock with a target at Rs 25 per share.

According to Morgan Stanley, the uncertainty around the quantum and pricing of capital raising continues.

The elevated asset quality stress will weigh on the stock price, it added.

At 09:35 hrs, Yes Bank was quoting at Rs 42.45, down Rs 2.35, or 5.25 percent on the BSE.

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First Published on Jan 13, 2020 09:53 am
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