Yes Bank Shares Climb 40% After Friday's Massive Fall

Shares of Yes Bank in early trade touched an intra-day high of Rs. 22.60, rising as much as 40%, versus its previous close of Rs. 16.15 per share on the NSE.

The surge comes after Friday's hiatus which saw the counter cracking as much as 85% and then settling lower by 56%.

The RBI governor and the finance ministry all have come to assure depositors in Yes Bank of their safe money and there are now reports that the withdrawal limit implemented for the beleaguered private sector lender can be lifted as early as before March 23 ahead of the RBI deadline.

SBI's rescue plan for the lender is also taken positively, with retail investors still hopeful on the counter. The bank is to come up with Rs. 20,000 crore plan in order to safeguard the bank from collapsing and it is in talks with potential investors including the likes ofBlackstone, Brookfield, Carlyle, TPG, KKR and Goldman Sachs.

Also, there is news that withdrawals at ATMs from the bank can now be made up to the allowed limit.

The stock of Yes Bank was last trading higher by 8.95% or Rs. 1.45 at Rs. 17.65 per share on the BSE.

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