The Bank Nifty index is trading slightly lower in the morning trade as selling pressure is seen in Yes Bank, RBL Bank and Axis Bank. The index opened at 27,901.65 levels and it touched high of 27,975.25 levels.
Shares of Yes Bank tumbled 8% and are among the top contributors to the index’s downfall. The bank denied reports suggesting active talks between the bank and Microsoft Corporation and two other tech firms for a possible stake acquisition.
“The Bank in the usual and ordinary course of its business continues to explore various means of raising capital/ funds through issuance of securities to diverse set of investors, in order to meet its business / regulatory requirements, subject to compliance with prescribed procedures and receipt of statutory/regulatory approvals,” the bank said.
Shares of RBL Bank fell 5%, followed by SBI, PNB, Axis Bank, Bank of Baroda and Federal Bank, which were down in the Bank Nifty index. IDFC First Bank and IndusInd Bank are also down in today’s trade.
On the other hand, Kotak Mahindra Bank, HDFC Bank and ICICI Bank are positive.