With a series of events unfolding at Yes Bank, with the cutting down of stake by the promoters of the lender Rana Kapoor and then a capital raising plan, the private sector bank which saw the biggest decline globally now in the month gone by has witnessed the highest gains even among global peers with a market cap of more than $1 billion.
And the surge comes even as the global rating firm has placed the stock under review category. Also, the stock remained unaffected despite being removed from the MSCI index which has now taken on to removing highly debt laden companies from its index including the likes of Indibulls Housing, Yes Bank etc.
So, after the lender has scaled back in price by as much as 50%, the lender has managed to reduce its annual loss in value to 63%.
Also, Jhunjhunwala has also bought in stake in the firm, which has also influenced the banker's stock price. The stake buying news comes after the lender announced that it has received a binding offer worth $1.2 billion from global investor.
"Capital is of utmost importance to the bank and we want the money to be in the bank by December," Gill told reporters after the results. "Once we get the capital it will run us for 24 months."
Stock of Yes Bank was last quoting at 2.32% at Rs. 70 on the BSE. The stock was the biggest gainer today.