Yes bank shares crack 16 pieces; M-Cap drops Rs 1,046 cr due to Altico exposure problems

New Delhi, September 19 () Yes Bank's shares plummeted nearly 16 percent on Thursday, clearing 1046.07 rupees from their market valuation after a statement by Moody's found that Altico's default on banks Real estate sector could be negative due to their significant exposure to the real.

The stock cracked 15.52 percent and closed at 54.15 rupees on the BSE. During the day, it dropped 17.23 percent to 53.05 rupees, the year's low.

On the National Stock Exchange (NSE), shares fell 15.75 percent to 54 rupees apiece.

Led by the sharp decline in the share price, the company's market valuation fell by Rs 1,046.07 billion to Rs. 13,809.93 billion on the BSE.

It was the top loser in both the Sensex and the Nifty.

In terms of trading volume, 199.73 lakh shares were traded on the BSE and over 32 crore shares on the NSE.

Among banks' Moody's interest rates, Yes Bank and IndusInd Bank have the largest direct exposure to commercial real estate and are experiencing asset quality difficulties as the sector slows down, according to the agency.

Altico Default signals shrinking developer liquidity, which is a negative credit for banks because of their significant exposure to the real estate sector, global Moody's rating agency said Thursday.

ICICI Bank and Axis Bank are also heavily involved in this sector as commercial real estate loans account for more than 5 percent of their total lending.

IndusInd Bank, ICICI Bank and Axis Bank fell to 3.59 percent. In the wider market, the Sensex fell 470.41 points to 36,093.47. SUM HRS

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