Yes Bank falls 7% after report of borrower defaults on interest payment

Yes Bank shares plunged nearly 7 percent intraday on July 2 after a media report indicated that Mumbai-based borrower defaulted on interest payment to private sector lender.

The stock plunged 63 percent in last three months. It was quoting at Rs 102.65, down Rs 6.50, or 5.96 percent on the BSE at 1022 hours IST.

“Mumbai-based Radius Developers has defaulted on scheduled interest payment of Rs 30 crore, on a Rs 1,200-crore loan to the private lender,” The Economic Times said.

The company, which has delayed interest payments by 45-60 days, has exposure of about Rs 5,500 crore to the banking system, the report added.

The company will be paying the interest component of Rs 30 crore to Yes Bank by July 5, the report said quoting A Radius Group spokesperson.

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