YES Bank share price rose for the second consecutive session today after the private lender's newly appointed administrator Prashant Kumar assured depositors that their money was safe and the Rs 50,000 limit on withdrawals could be lifted by Saturday. Share price of YES Bank gained up to 38.59% to Rs 29.45 compared to the previous close of Rs 21.25 on BSE. It was the top gainer on Nifty today.
YES Bank stock opened with a gain of 9.88% at Rs 23.35 today. The stock closed 35% higher at Rs 28.80 on BSE. On Nifty, the stock closed 36.71% higher at Rs 29.05.
The mid cap stock has declined 89% in last one year and fallen 48% since the beginning of this year. There were only buyers, no sellers for the stock in morning trade. Market capitalization of the lender rose to Rs 6,491 crore on BSE. 6.19 lakh shares of YES Bank changed hands amounting to a turnover of Rs 1.53 crore in early trade. The stock has gained 358% since it hit all-time low of Rs 5.55 on March 6.
However, the stock is still down 91.09% from its 52 week high of Rs 285.90. RBI on March 5 superseded the bank's board and capped withdrawals by depositors at Rs 50,000. The central bank also superseded the board of YES Bank and appointed Prashant Kumar, former Deputy Managing Director and CFO of State Bank of India, as administrator. This led to 85% percent crash intra day on the YES Bank share counter on March 6.
The stock hit its all time low and then bounced back nearly 200% after RBI governor Shaktikanta Das met finance ministry officials to resolve YES Bank crisis. Das assured of an early solution and swift action within one month.
By Aseem Thapliyal
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today