Indian private sector lender Axis Bank has diluted its holding in local peer Yes Bank to 1.96%.
In the December 2020 quarter, Axis had a 2.39% stake in Yes Bank. However, it disposed around 109 million Yes Bank shares in the first three months of 2021.
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At present, Axis Bank holds 491 million Yes Bank shares as against 600 million shares in December 2020.
Yes Bank was bailed out by a State Bank of India (SBI)-led consortium under a rescue plan announced by the Indian government.
In addition to Axis Bank, SBI has a 30% stake in Yes Bank, ICICI Bank a 3.99% stake, IDFC First Bank 1.15 % and Bandhan Bank has a 1.2% interest.
All these lenders have retained their holdings in Yes Bank.
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By GlobalDataForeign portfolio investors (FPIs) and insurance companies also reduced their stake in Yes Bank. FPIs hold a 13.77% stake in Yes Bank at the end of March quarter, compared to a stake of 15.01% at the end of the previous quarter.
Insurance companies lowered their stake to 5.57% from 5.68% over the same period.
Yes Bank posted a loss of INR37.9bn in the quarter to March 2021, compared to a profit of INR26.65bn in the prior year.
The loss of INR34.88bn in the year ended 31 March 2021 was narrower than INR164.32bn reported a year ago.
Recently, a report said that Yes Bank is eyeing the retail assets of Citi India, including credit cards and wealth management.
This move comes as Citigroup is set to exit its consumer franchises in 13 countries, including India.
