Just as Gadfly was urging Indian banks to use probity and charm to woo wary investors, one lender decided to rely on aggression and hubris.
The result? All-round embarrassment. Yes BankBSE -4.01 %'s $1 billion share sale to qualified institutions globally had to be deferred on Thursday amid a slump in its share price.
Intra-day slump in Yes Bank's shares Friday
6.1%
Even in the bad loan-plagued Indian banking industry, it's highly unusual and awkward for one of the better-run private-sector lenders to knock on the door of international capital markets and get no answer. Nor is Yes Bank the only humiliated party here. When the bank informed the stock exchange it was aborting the issue because of extreme volatility caused by "misinterpretation" of a new regulation, it certainly didn't ..
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