Indian Share Market Open Flat, Yes Bank Faces Heat from SEBI

Thu, 6 Oct 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock market in Japan is trading higher by 0.7%. Stock markets in Europe too ended their previous session on a negative note. Whereas, benchmark indices in US ended their previous session trading higher by 0.6%.

The rupee is currently trading at 66.5 per US$.

Indian equity markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 77 points (up 0.3%) and NSE Nifty is trading higher by 25 points (up 0.3%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.2% respectively.

Major sectoral indices have opened the day in green with stocks from telecom sector are witnessing maximum buying interest.

As per an article in Livemint, Securities and Exchange Board of India (SEBI) has found enough reasons against <>Yes Bank and its investment bankers to start an adjudication process in relation to its US$ 1-billion-dollar fund raising effort last month.

SEBI stated that Yes Bank's fund raising through the Qualified Institutional Placement (QIP) route fell short of the disclosure requirements as prescribed beneath the Listing Obligation and Disclosure Rules. (LODR)

Further, experts believe that the failure on the banks part to disclose required information to the market participants also amounts to misrepresentation of the facts.

Similarly, the regulator will likely pull up the lead merchant bankers to the issue for not doing enough due diligence and not providing adequate advice. Goldman Sachs (India) Securities Pvt. Ltd, CLSA India Pvt. Ltd and Motilal Oswal Investment Advisors Pvt. Ltd were the three main book running lead managers (BRLMs) to the QIP.

However, it is imperative to note that these are just initial findings and the regulator will appoint an adjudicating officer who would review these findings and hold an inquiry.

Market participants have lost around Rs 53 billion since the day they came to know about the irregularities in the QIP offering. Currently, Yes Bank share price is trading down by 3%.

In another news update, dispatch of coal to the power sector has dropped by 12.1% in the month of August as compared to a year ago.

This is primarily on account of lower demand for power coupled with high coal inventories at the power station.

Electricity generation in August grew by just 0.1%. While, no plants as off date are facing sub critical coal inventory levels. Both factors combined have led to coal offtakes registering a sharpest decline in the preceding twelve months.

The increasing thrust for adding renewable energy capacities too in the near future can play as a damper to the coal offtakes.

The demand for thermal power will be a key factor to assess the off-takes in coal going forward. The share price of Coal India is trading down by 0.6%.

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