Indian shares plunge as Yes Bank woes hit banking stocks
- Date: 06-Mar-2020
- Source: Khaleej Times
- Sector:Financial Markets
- Country:UAE
Indian shares plunge as Yes Bank woes hit banking stocks
The stock hit an over decade low and was the biggest percentage loser on the blue-chip index.. Indian shares tumbled on Friday, as banking stocks came under pressure after the country's central bank placed troubled lender Yes Bank under a moratorium and took over its board.. The NSE Nifty 50 index fell as much as 3.92% to an over five-month low of 10,827.4 points, led by a 40% slump in the shares of component Yes Bank.. �The Reserve Bank of India said late on Thursday it had taken over the Mumbai-based bank's board for 30 days and imposed limits on withdrawals, due to a serious deterioration in the fifth-largest private sector lender's financial position.. The Nifty Bank sub-index fell as much as 5.74%, also weighed by a 12% slide in shares of top lender State Bank of India.. The state-owned bank said late on Thursday its board had given an in-principle approval to explore an investment opportunity in Yes Bank.. Credit rating agency Moody's said the lack of a coordinated, timely action highlighted continued uncertainty over bank resolutions in India.. "We are seeing hits across the board in the market today, as a lot of people had big positions in