Yes Bank share price jumps 50% as full banking services set to resume, skyrockets 1400% in 7 days

Yes Bank share price surged 50 per cent to Rs 87.90 a piece on BSE in the Wednesday’s opening trade as State Bank of India’s (SBI) Chairman Rajnish Kumar tried to calm the investors saying that SBI will not sell even a single share of 49 per cent stake it has picked up in cash-starved lender. Along with this, the 30-day moratorium that was placed by Reserve Bank of India (RBI) on troubled private lender, will be lifted today at 6 PM, resuming full banking services. In Tuesday’s session, Yes Bank share price skyrocketed nearly 60 per cent as eight companies including ICICI Bank, HDFC, Kotak Mahindra Bank, Axis Bank and IDFC Bank said that they will pick up stakes in Yes Bank.

Yes Bank shares gave up most of the morning gains to settle 3.67 per cent higher at Rs 60.80 apiece on BSE.  Yes Bank shares have zoomed 1,484 per cent from its 52-week low of 5.55 apiece after RBI had imposed moratorium and withdrawal cap on the bank. Yes Bank shares have spiked 244 per cent from 25.55 on Friday, after the Union cabinet approved the reconstruction scheme proposed by RBI. Rating agency Moody’s upgraded the private lender’s rating with a positive outlook. Following which Yes bank jumped 74 per cent in Tuesday’s intraday trade.

Yes Bank in its press conference held yesterday informed that the private lender has received more deposits in the past four days than withdrawals. “We have done our extensive analytical study of customer behaviour, only one-third of the customers have withdrawn Rs 50,000 during the period, and in the last 14 days we have had more inflows than outflows,” Yes Bank’s administrator Prashant Kumar said. The debt-ridden lender said it has approved reconstitution of its board with Prashant Kumar as new MD and CEO.

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