YES Bank and Axis Bank are trading lower by 2% each in opening trades on the back of huge volumes. More than 350,000 shares have changed hands on these counters in opening deals on the National Stock Exchange (NSE).

While Axis Bank is trading lower by 2.1% at Rs 980, Yes Bank has lost 2.3% at Rs 327 on the NSE. According to reports, HSBC, which holds around 5% stake each in these private sector banks, is likely to raise up to Rs 2,450 crore by selling its stake.

HSBC holds 16.8 million shares or 4.76% stake in YES Bank through its subsidiary, HSBC Bank Mauritius Ltd A/C HSBC IRIS Investments Mauritius Ltd. HSBC has fixed a price band of Rs 318-325 per share for its stake.

In Axis, the same HSBC Mauritian arm has 4.75% stake, or 19.6 million shares. The price band for sale of these has been fixed at Rs 950-970 per share.