Yes Bank stock tanks 39% after two sessions of gain

Shares of Yes Bank on Thursday gave up all gains made in recent sessions, plunging over 39 percent to Rs 17.45 on the NSE. The stock had surged over 77 percent in the last two trading sessions.

On the NSE, the stock was quoting 12.67 percent lower at Rs 25.15. It hit a low of Rs 17.45, shedding more than 39 percent.

On the BSE, it was trading at Rs 25.10, lower by 12.85 percent. It touched an intra-day low of Rs 22.55, down 21.70 percent.

The stock had rallied after State Bank of India (SBI) said it will pick up 49 percent stake in the lender for Rs 2,450 crore.

Last week, the Reserve Bank has imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account.

Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor.