Shares of Yes Bank closed 12.16 percent or Rs 7.95 lower at Rs 57.45 apiece on Thursday. During the day, the stock touched a fresh 52-week low of Rs 53.20 per share on NSE, the lowest since March 2014. Yes Bank's share price has fallen by 27 percent this week as against its closing price of Rs 78.50 on 16 August.

The stock's losses were accelerated on Tuesday after CG Power's risk and audit committee reported of unauthorised transactions carried out by "certain employees" of the company. Yes Bank holds 12.79 percent stake in CG Power and Industrial Solutions as of June 2019.

A Reuters report on Thursday morning said that Yes Bank is likely to plunge up to 23 percent in the coming days if one goes by technical charts. "The stock broke below a support at Rs 70.04, the 14.6 per cent projection level, suggesting a move towards the Rs 52.38 to Rs 47.01 range," and may see an uptrend only after that, the report further said.

After a low committee discussion, the CG Power released a statement saying that the transactions have led to the understatement of not only the company's liabilities but also its advances made to parties (both related and unrelated) of the company and group. Further, it said that "certain assets of the Company that were purportedly provided as collateral without due authority; and the Company was made a co-borrower and/or guarantor for enabling ostensibly unrelated third parties to obtain loans without due authorisation."

Shares of CG Power and Industrial Solutions Ltd tanked by 10 percent to another 52-week low of Rs 10.70 apiece on Thursday. The stock has fallen 82 percent in the last 12 months.

Yes Bank's share price had gained in the morning session on Thursday after the private lender provided some support by paying off a part of its loans. Yes Bank's holding companies-Yes Capital Pvt Ltd and Morgan Credits Pvt Ltd and co-promoter Rana Kapoor, prepaid a part of the loans from Franklin Templeton and Reliance Nippon Mutual Fund which could possibly amount to Rs 790 crore, according to an Economic Times report.

The highly volatile shares of Yes Bank had only recently recovered after the conclusion of its Rs 1,980 crore qualified institutional placement (QIP) last week, which was oversubscribed three times. The QIP will take the private bank's common equity tier-1 capital ratio from 8 percent to 8.6 percent.