Moment of panic over banks

hares of Yes Bank plunged 29.91 per cent to Rs 29.05 - its multi-year low - during the day on the BSE. It later closed at Rs 32, down 22.80 per cent. The selloff in Yes Bank came amid reports that Reliance Nippon Asset Management Company had directed its trustees to sell the remaining shares pledged by Rana Kapoor, co-founder of Yes Bank, as a collateral.In a bid to quell the rising panic in the market, debt-laden housing financier DHFL on Tuesday said it has no exposure to HDIL and Punjab & Maharashtra Co-operative Bank, and cautioned against misleading reports that can trigger panic."DHFL does not have any exposure to either of them. We would urge everyone to be responsible and not report/state anything incorrect and baseless, which can cause panic among the stakeholders in DHFL, especially when the company is in discussions with various stakeholders for finalisation of its debt resolution plan," it said.It further said DHFL's promoter family had separated from HDIL promoters in 2008, and the separation was effected formally by a family-separation agreement in April 2010, it said.The DHFL scrip tanked 19.90 per cent to close at Rs 31 - its lower circuit and 52-week low - on the BSE on Tuesday. On the NSE, the scrip nosedived 20 per cent to Rs 31. The Mumbai Police on Monday filed a case against the former bank management and promoters of HDIL in the PMC Bank case. Crisis-hit HDIL on Tuesday said the loans taken from banks, including PMC Bank, were in normal course of business after providing adequate security cover.In a tweet on Tuesday, the RBI said, "There are rumours in some locations about certain banks, including cooperative banks, resulting in anxiety among depositors. The RBI would like to assure the general public that Indian banking system is safe and stable and there is no need to panic." DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Telegraphhttp://www.feedbooks.com/user/5590844/profile