Indian shares, rupee plunge as Yes Bank woes hit bank stocks – Gulf Today

Indian shares, rupee plunge as Yes Bank woes hit bank stocks – Gulf Today

The Reserve Bank of India (RBI) 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.. Yes Bank closed 25.6% higher on Thursday after reports that a group led by State Bank of India (SBI) would inject capital into the bank.. Shares in India's Yes Bank plunged on Friday as panicky depositors rushed to withdraw funds after the central bank took control in a dramatic late-night move and limited withdrawals from the troubled lender.. The shock move by the Reserve Bank of India followed months of steady deterioration in the financial position of the country's fifth-largest private lender and growing concerns over governance..