Markets

Yes Bank surges 14% on value buying

Shares of Yes Bank rose as much as 14%.

Shares of Yes Bank rose as much as 14%.   | Photo Credit: Reuters

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The uptrend in the counter comes following a fall in the bank’s shares for five consecutive trading sessions due to uncertainty over its $2-billion fund-raising plan

Shares of Yes Bank on Thursday rose as much as 14% on bourses mainly due to value buying after five consecutive trading sessions of losses.

On the BSE, the scrip after opening on a positive note further rose to an intra-day high of ₹48.15, up 12.5%. Later, the stock was quoting at ₹46.20 in the afternoon trading session, up 7.83% from the previous close.

Similar movements were seen on the NSE, where the scrip jumped 14% to ₹48.80. In the afternoon trade, the stock was trading at ₹46.30, up 8.18% from the previous close.

The uptrend in the counter comes following a fall in the bank’s shares for five consecutive trading sessions due to uncertainty over its $2-billion fund-raising plan.

Market experts attributed the surge in the share price of the bank to value buying.

The lender after its board meeting on Tuesday said it would continue to evaluate other potential investors to raise capital up to $2 billion.

“The board is willing to favourably consider the offer of $500 million of Citax Holdings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting, subject to requisite regulatory approval(s),” it had said in a regulatory filing.

The binding offer of $1.2 billion submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion, it had added.

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Printable version | Jan 23, 2020 10:56:07 AM | https://www.thehindu.com/business/markets/yes-bank-surges-14-on-value-buying/article30284733.ece

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