Rupee, India Stocks Tumble After RBI Takes Control of Yes Bank

From bnnbloomberg.ca

India’s rupee fell toward a record low and stocks tumbled after India’s central bank seized control of beleaguered Yes Bank Ltd. following the lender’s failed attempt to raise new capital. The S&P BSE Sensex tumbled as much as 3.8% to 37,011.09 in Mumbai, entering correction zone. The rupee fell as much as 1.1% and was inching toward its record low of 74.4825 seen in 2018. “The effect of Yes Bank’s collapse will be felt across all markets with Sensex, Nifty falling sharply, rupee weakening and credit markets becoming more frozen and illiquid,” Zephyr Financial said in a note. “There could be a ... (full story)