Yes Bank Scrip Jumps 9% On Rakesh Jhunjhunwala Buying Stake

Shares of Yes Bank have been highly volatile off late. In early trade on Tuesday, the stock of Yes Bank made 9% gains to Rs. 71.90 on the BSE. The stock has been fluctuating between gains and losses.

Yes Bank Scrip Jumps 9% On Rakesh Jhunjhunwala Buying Stake

The surge has come after report that suggest ace investor Rakesh Jhunjhunwala has bought equity in the lender worth Rs. 87 crore, or 1.3 crore shares or 0.5% stake. The shares have been bought at an average price of Rs. 67.1 through open market transaction.

Trading volume was over two times its 20-day average, according to Bloomberg data. Of the shares traded, 46% were at the ask price and 42% were at the bid.

Meanwhile, brokerages have been bearish on the stock and have slashed their target price as it is said to raise capital on one hand and faces highly stressed assets at the another end.

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