Rumor Denial - Business Outrank

Yes Bank shares dropped by 8% on June 3 which ended the bank's three-day winning streak and surprised its investors. The bank stock dropped after it officially denied reports about Japan's Sumitomo Mitsui Banking Corporation (SMBC) acquiring a controlling stake. The stock price reached its lowest point at Rs 21.43 during the early trading session while the previous day it had risen by 8.4%. The denial of Yes Bank about the SMBC deal discussions caused investors to become more cautious. The report indicated that SMBC was working to obtain RBI approval for establishing a fully-owned unit in India which many interpreted as a move to acquire a significant stake in the bank. Yes Bank officially stated that it had no knowledge about any roadmap or RBI discussions. Yes Bank had previously announced that SBI and seven private lenders would sell a 20% stake to SMBC for Rs 13,482 crore at Rs 21.50 per share. Yes Bank continues to deny any information about additional stake sale plans. The scheduled board meeting aimed to discuss funding alternatives yet the denial of stake sale plans led to a significant decline in Yes Bank stock prices.

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