The share price of the Mumbai-headquartered Yes Bank is showing signs of recovery following significant losses over the past month.
The stock price of the private sector bank edged higher on Tuesday trading for ₹19.97, up by 1.63% from the previous closing price of ₹19.65. The stock saw gains of 0.05% over the past five trading days although the share is still down by 6.68% over the past month.
Insider Trading in Yes Bank’s Stake Sale
Yes Bank’s share price is going up amid developments in a probe launched by the nation’s securities watchdog involving the bank’s stake sale in 2022.
Citing a person with knowledge of the matter, The Economic Times reported that 16 of the 19 executives that the Securities and Exchange Board of India (SEBI) named in a notice for alleged insider trading and market manipulation of Yes Bank’s shares three years ago want to settle with the regulator. The three chose to challenge the allegations.
The unnamed source said that the individuals implicated in the case, including a former board member of Yes Bank as well as senior executives of the private equity firms Carlyle and Advent and professional services companies EY and PwC, along with their lawyers are now in the process of complying with formalities and filing settlement applications with SEBI.
Sharing of Confidential Information
The regulator launched the probe over allegations that the executives of Carlyle, Advent, PwC and EY shared unpublished price-sensitive information with certain individuals, including friends and family members, which enabled them to trade Yes Bank’s stock and make unlawful gains ahead of the stake sale in July 2022.
The former board member of Yes Bank who served in the audit committee also allegedly shared confidential information with close friends who subsequently traded the bank’s stock.
Source: https://coinpaper.com/15319/yes-bank-share-price-up-as-execs-in-insider-trading-probe-opt-to-settle
