Yesterday, Yes Bank hit a new low at Rs.50.60 and today too it hit another new low at Rs.48.50. It has recovered from the low, currently at Rs.50 levels, down 2%.
Last week, Rana Kapoor had termed the shares of Yes Bank as “diamonds” and looks like he is now selling these diamonds, even at the low prices.
Yesterday, Rana Kapoor’s family business – Yes Capital (india) sold 0.82% stake, taking home Rs.241.52 crore. This was sold in the open market at Rs.51.94/share.
Last week, another of his family owned business, Morgan Credits Pvt. Ltd and Yes Capital sold a combined stake of 2.75% to an undisclosed buyer.
So in a week’s time, Kapoor has been selling these “diamonds” - 4.57% stake in all. Kapoor and his companies together now hold just 5.58%, much less that Madhu Kapur and her family-owned firm Mags Finvest Pvt. Ltd, who together own an 8.33% promoter stake in the bank.