YES Bank shares rise 10%; stock up 44% in 3 days; mcap nears Rs 95,000 cr mark

Shares of YES Bank Ltd continued to extend their gains in the early trading session on Thursday. The lender surged another 10 per cent at the opening tick of the session to scale new 52-week highs. The private bank also shared its clarification on its potential deal with LeRemitt, sought by the exchanges.

In its clarification to the exchanges, YES Bank said that its arrangement with LeRemitt, a fintech startup, is currently at a nascent stage and has absolutely no material impact on the business volumes or revenues of the bank. In its filing, the lender said that it is in the normal course of business of the bank to enable Digital solutioning for the MSME customers of the bank.

Shares of YES Bank surged more than 9.75 per cent during the trading session on Thursday to hit a new 52-week high of Rs 32.74 on Thursday, commanding a total market capitalization more than 94,000 crore. The scrip had settled at Rs 29.83 apiece, rising over 17 per cent in the previous trading session.

Shares of YES Bank have moved about 45 per cent higher in the last three trading sessions from Rs 22.8-mark on Monday. The lender has rallied more than 130 per cent from its 52-week lows at Rs 14.1 hit on October 23, 2023. The stock has gained about 95 per cent in the last six-month period.

On Monday, YES Bank received an intimation from the Reserve Bank of India (RBI) suggesting the apex bank has accorded its nod to HDFC Bank :td for buying an aggregate of up to 9.50 per cent of the paid-up share capital or voting rights of the bank. The RBI said if the HDFC Bank fails to acquire shareholding within one year period from the date of RBI letter, the approval would stand cancelled.

To recall, YES Bank scaled Rs 30-mark on Wednesday for the first time after June 2020 on Wednesday. The stock saw heavy trading volumes in the previous trading session, where more than 161.54 crore shares were traded on NSE and over 25.91 crore shares exchanged hands on BSE.

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