Yes Bank, has invoked 7.98 million shares representing 3.02% stake of United Breweries, pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group, by selling shares worth Rs 7.78 billion.

Yes bank has invoked the stake "to secure loans given to group companies."

Currently, Vijay Mallya and his family members hold 34.04% stake in United Breweries through various companies and 15.57% of stake was pledged with various financial institutions.

Shares of the company declined Rs 22.75, or 2.33%, to settle at Rs 952.05.

Total volume of shares traded on the bourses today was higher by 114.15% to 379,985 compared with 22-day average volume of 177,438.