Sharp and immediate fall! Yes Bank share price crash 10% after SC ruling on ₹8,415 crore AT-1 bond write-off
Yes Bank share price witnessed sharp selling during the Closing Bell session. In a span of a few minutes, Yes Bank shares crashed from ₹21.25 apiece on the NSE to ₹19.08. Yes Bank shares came under selling pressure after the Supreme Court quashed the ₹8,415 crore AT-1 bond write-off.
In a setback to private lender Yes Bank, the Supreme Court on Thursday upheld the Bombay High Court’s judgment quashing the bank’s ₹8,415 crore AT-1 bond write-off.
Speaking on the reason for the sharp correction in Yes Bank shares, Anuj Gupta, a SEBI-registered market expert, said, “Yes Bank shares are nosediving after the Supreme Court's ruling on its AT-1 bond write-off. The Apex Court of India has quashed the ₹8,415 crore AT-1 bond write-off, which is expected to hit the private lender early.”
The Supreme Court bench of Justices Dipankar Datta and Augustine George Masih said there was no reason to interfere with the Bombay High Court’s judgment, which had ruled in favour of bondholders.
“Therefore, for the reasons assigned in our judgment, we have held that we see no reason to interfere with the impugned judgment. The appeals are dismissed,” the bench said.
(This is a developing story. Please refresh for more updates)
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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HomeMarketsStock MarketsSharp and immediate fall! Yes Bank share price crash 10% after SC ruling on ₹8,415 crore AT-1 bond write-off
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