YES Bank share price zooms 58% amid falling market; heres why
YES Bank share price zoomed in early trade today after eight banks including SBI came to the rescue of the troubled lender with a total capital of over Rs 11,000 crore. Share price of YES Bank rose up to 58% to Rs 40.4 compared to the previous close of Rs 25.55 today. YES Bank share opened with a loss of 9.39% at Rs 23.15 today but later buying momentum took the stock higher. YES Bank market capitalisation rose to Rs 9,755 crore on BSE.
Total of 119.96 lakh shares changed hands amounting to turnover of Rs 42.22 crore. YES Bank share has lost 84% in the last one year and fallen 18.21% since the beginning of this year. State Bank of India (SBI), which is heading the consortium formed for the revival of YES Bank, will infuse Rs 7,250 crore into the bank.
ICICI Bank and mortgage lender HDFC will invest Rs 1,000 crore each. Axis Bank will invest Rs 600 crore, while Kotak Mahindra Bank will put in Rs 500 crore. Bandhan Bank and Federal Bank will invest Rs 300 crore each, while IDFC First Bank will put in Rs 250 crore.
On Saturday, the government notified reconstruction scheme for YES Bank, saying the Rs 50,000 cap on cash withdrawal would be removed in ‘three working days’ from the start of the scheme (Wednesday next week). This also led to positive sentiment around the stock in trade today.
On March 6, the stock hit its all-time low of Rs 5.55 after RBI took over the board of private sector lender. The mid cap stock rebounded 180% in a span of 20 minutes in the same session amid reports that RBI governor Shaktikanta Das met finance ministry officials to resolve YES Bank crisis.
Das assured of an early solution and swift action within one month. Earlier in the day, the mid cap stock plunged 85% to its all-time low in morning trade compared to the previous close of Rs 36.85 on BSE. Till now, the stock has gained 628% to Rs 40.40 against its all time low of Rs 5.5 on BSE.
Meanwhile, Sensex was trading 1,762 points or 5.17% lower at 32,341 and Nifty was down 500 points to 9,456.
All Sensex stocks were trading in red with IndusInd Bank, ICICI Bank, Bajaj Finance and Axis Bank being the top losers on Sensex. On Nifty, YES Bank, BPCL and Dr Reddy’s were the only gainers.
Top losers were IndusInd Bank, Adani Ports, ICICI Bank and Bajaj Finance were the top Nifty losers.