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  Business   In Other News  14 Sep 2019  Kapoor firms seek probe against short-sellers

Kapoor firms seek probe against short-sellers

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Sep 14, 2019, 1:41 am IST
Updated : Sep 14, 2019, 1:41 am IST

Yes Bank stock, which was trading around Rs 275 in April, is now down to around Rs 64.

These firms had sent a similar letter to the exchanges last month as well.
 These firms had sent a similar letter to the exchanges last month as well.

Mumbai: Rana Kapoor-owned YES Capital and Morgan Credits have written to the surveillance departments of BSE and NSE, alleging that short sellers are hammering the Yes Bank stock by spreading negative messages about the bank.

"We continue to witness unabated speculation in Yes Bank stock, particularly by short sellers who appear to be speculating on the back of unpublished information led by the countless highly negative messages circulated on WhatsApp chat group on banking institution—Yes Bank. We request you to kindly (look into) this highly serious matter," the letter said.

 

“We are forwarding this letter to Sebi and RBI for them to take note of the letter and to conduct an investigation to their end as well,” the letter stated.

Yes Capital and Morgan Credit are the promoters of Yes Bank that have been facing flak from investors over multiple rating downgrade and steep decline in share value. These firms had sent a similar letter to the exchanges last month as well.

Yes Bank stock, which was trading around Rs 275 in April, is now down to around Rs 64.

Tags: rana kapoor, yes bank