Yes Bank Shares Rally After 5-Days Of Losses

Of late shares of Yes Bank have been the most volatile and in Thursday's trade have surged as much as 14% to Rs. 48.80 on the NSE. The stock last quoted at Rs. 45.15, up 5.49% as against Wednesday's close of Rs. 42.80 per share.

Yes Bank Shares Rally After 5-Days Of Losses

Due to concerns around the private sector lender's US$ 2 billion capital raising plan, the stock of Yes Bank posted losses for 5-consecutive trading sessions. Analyst attribute today's surge in the stock price to primarily value buying in the stock. After its board meet on Tuesday, Yes Bank said it would go on it with evaluating other potential investors for raising funds up to US$ 2 billion.

"The board is willing to favourably consider the offer of USD 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)," Yes Bank said in a regulatory filing.

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

GoodReturns.in