Yes, the bank reduces initial earnings, falls 6.5 pcs

New Delhi, December 2 () Yes Bank's shares abandoned all of their initial gains and fell 6.5 percent at the close of operations on Monday mainly due to earnings reserves.

The script that rose 3.22 percent to a maximum of Rs 70.50 during the morning trade, then cut profits and fell 6.22 percent to close at Rs 64.05 in the BSE. During the day, it touched a minimum of Rs 63.10, 7.61 percent less.

In the NSE, it decreased 6.58 percent to close at Rs 63.80 after rising 1.46 percent to Rs 69.30 in early trade.

The script was the worst blow among frontline companies in both Sensex and Nifty.

In terms of negotiated volume, 254.76 lakh shares of the company were traded in the BSE and more than 36 million rupees in the NSE during the day.

At the end of the suspense weeks, Yes Bank said Friday that eight investors led by Erwin Singh Braich have expressed interest in injecting USD 2 billion into the lender.

The bank's board of directors will meet again on December 10 to finalize and approve the details of the capital infusion, which will be done through a preferential allocation, the exchanges reported.

Investors who have shown interest also include Aditya Birla Family Office and Rekha Jhunjhunwala, wife of market investor Rakesh Jhunjhunwala, who have committed USD 25 million each, the bank said. The largest investor is Braich/SPGP Holding, which has committed USD 1.2 billion, followed by Citax Holding, which has committed USD 500 million, the bank said, adding that the talks with Braich/SPGP continue and are expected to conclude shortly. SUM SHW SHW