March 6, 2020 / 3:26 AM / a month ago

Indian stocks seen sharply lower on Yes Bank woes, virus fears

March 6 (Reuters) - Indian shares were set to tumble at the open on Friday, tracking another steep fall on Wall Street, with banking stocks seen coming under pressure after the country’s central bank placed Yes Bank under a moratorium and took over its board.

The NSE stock futures listed on Singapore Exchange were down as much as 3.8% to a five-month low at 0212 GMT.

The Reserve Bank of India said late Thursday it had taken over Yes Bank’s board for 30 days and imposed limits on withdrawals, due to a serious deterioration in the fifth-largest private sector lender’s financial position.

SBI has agreed to conduct a viability assessment into buying a stake in Yes Bank, a source told Reuters.

Concerns over the rapid spread of the coronavirus in the United States and parts of Europe fuelled an over 3% drop in the main Wall Street indexes on Thursday. Asian markets also opened weaker, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.3%.

Reporting by Philip George in Bengaluru; Editing by Sriraj Kalluvila

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