MUMBAI: Yes Bank has deferred its proposed $1 billion share sale less than 24 hours after it launched it, citing "extreme market volatility" and "misinterpretation of new QIP guidelines. ""Due to extreme volatility during today's trading day because of misinterpretation of new QIP guidelines, Yes Bank has been advised by its appointed merchant bankers to defer its proposed QIP," the bank said in a stock market notice.Yes Bank shares crashed 5.32% to end at Rs 1,330.65 per share on Thursday, even though the 30-share Sensex rose 0.41% indicating investor fatigue at the issue.Yes Bank did not immediately respond to an email seeking comment. Merchant bankers helping with the issue could not be immediately reached for comment.Goldman Sachs, Motilal Oswal and CLSA were the three lead managers to the issue while eight other namely, HSBC, Nomura, Investec, Edelweiss, JM Financial, Religare, Inga Capital, SBI Capital Markets and Yes Securities were the joint lead managers to the issue.This is the first bank share sale in recent memory that has failed to take off in recent memory.Shareholders of Yes Bank had approved equity fundraising of up to $1 billion at the bank's annual general meeting held on 6 June.This was the bank's second QIP in two years after it raised $500 million through a similar share sale in June 2014.The bank was targeting to sell the shares at Rs 1410 per share, CEO Rana Kapoor had said on Wednesday.

Source: Economic Times September 08, 2016 12:30 UTC