The deletion will take place w.e.f. September 18, says MSCI. The bank's current weight is around 0.37 percent in index.
Shares of YES Bank lost another 3.5 percent intraday Tuesday after MSCI decided to delete the stock from its India Index. It was an addition to the 5 percent fall seen in previous session.
The deletion will take place w.e.f. September 18, says MSCI. The bank's current weight is around 0.37 percent in index.
Meanwhile, the stock lost 5 percent on Monday after FII investments reached trigger limit in the bank.
"The Reserve Bank of India on Friday notified that the foreign shareholding through foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs)/non resident Indian (NRI)/persons of Indian origin (PIO)/foreign direct investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) in YES Bank has reached the trigger limit," the RBI said.
Therefore, further purchases of equity shares of this bank would be allowed only after obtaining prior approval of the Reserve Bank of India, it added.
The current foreign institutional investors' investment limit is 49 percent in the bank.
At 13:59 hours IST, the stock was quoting at Rs 583, down Rs 18.30, or 3.04 percent on the BSE.
Posted by Sunil Shankar Matkar
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