Yes Bank and Axis Bank has dipped more than 3% each in late morning trades after huge block deals were executed in these counters.

Yes Bank has tanked 3.6% at Rs 323 on the National Stock Exchange at 1107 hours. As many as 16.8 million shares representing 4.75% of total equity have changed hands on the counter via block deal at an average price of Rs 328.64 per share.

Axis Bank too, dipped 4.5% at Rs 956 on the Bombay Stock Exchange with around 20 million shares or 4.75% of the total equity have changed hands through block deal at an average price of Rs 960 per share.

According to reports, HSBC, which holds around 5% stake each in these private sector banks, through its subsidiary, is likely to raise up to Rs 2,450 crore by selling its stake. The identity of the seller of the block deal on the counter could not be ascertained