Yes Bank shares rally in second consecutive session, up over 35% as investor sentiment turned positive on SBI stake buy announcement

Shares of Yes Bank continued to gain for the second consecutive session on Wednesday, rallying up to 28 percent, as investor sentiment turned positive after SBI said it will buy a 49 percent stake in the cash-strapped lender

Press Trust of India March 11, 2020 12:22:06 IST
Yes Bank shares rally in second consecutive session, up over 35% as investor sentiment turned positive on SBI stake buy announcement
  • The Yes Bank scrip spiked up to 38.5 percent to Rs 29.45 on the BSE

  • In the previous session on Monday, shares of lender settled 31.17 percent higher at Rs 21.25

  • State Bank of India (SBI) had on Saturday announced it will pick up 49 percent stake in Yes Bank for Rs 2,450 crore

New Delhi: Shares of Yes Bank continued to gain for the second consecutive session on Wednesday, rallying over 35 percent, as investor sentiment turned positive after SBI said it will buy 49 percent stake in the cash-strapped lender.

The scrip spiked up to 38.5 percent to Rs 29.45 on the BSE. It settled 35.53 percent higher at Rs 28.80.

On the NSE, the scrip traded with a maximum gain of 39.29 percent at Rs 29.60. It closed 36.71 percent up at Rs 29.05.

Yes Bank shares rally in second consecutive session up over 35 as investor sentiment turned positive on SBI stake buy announcement

Representational image. Reuters.

The scrip managed to hit upper circuit thrice during the day on the BSE.

Over 41 crore shares of Yes Bank were traded on the NSE and 3.2 crore units on the BSE.

In the previous session on Monday, shares of the lender settled 31.17 percent higher at Rs 21.25. It has gained more than 77 percent in the last two trading sessions.

Financial markets were closed on Tuesday for Holi.

State Bank of India (SBI) had on Saturday announced it will pick up 49 percent stake in Yes Bank for Rs 2,450 crore.

"Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 percent of the share capital of the reconstructed bank," SBI said in a statement.

Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise $2 billion initially during this fiscal, which was then pruned to $1.2 billion as it could not rope in any investor.

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