YES Bank share was the top gainer on BSE and NSE today. The stock rose 6.6% to the intra day high of Rs 45.65 on Sensex and Nifty.
112 lakh and 1,736 lakh shares of YES Bank were changing hands on BSE and NSE counters today.
This trend reversal comes after 2 days of consecutive fall, as uncertainty over the bank's capital raising plans has worried investors.
Even after the lender said its board favoured the Citax Holdings and Citax Investment Group's offer, the share price has fallen up to 15% on December 11 and declined another 10% on December 10.
On Tuesday, the Mumbai-based lender said the board at its meeting failed to reach a final decision on potential investors. The lender added that the final decision will be taken at the next board meeting. In a move to help raise capital, the bank in its earlier filing revealed the names of eight potential investors. But due to concerns about the credibility of investors and quality of the offers it has received, the lender board is at a standstill position for now.
This has led to the deterioration in the stock value of the cash strapped lender. YES Bank share price has fallen 28% in one week and 38% in one month. YES Bank shares currently trade lower than 5, 20, 50, 100 and 200-day moving averages.
Moreover, brokerage houses have started questioning the future of the private lender after it delayed $2 billion fund-raising programs.
As per an interview by bank's CEO Ravneet Gill to Business Standard, the lender was expecting one more investor to commit in the next few days and wanted to club both those deals together to raise more than $500 million at the same time.
Shares of YES Bank will be in focus the coming days too as investors remain concerned over the absence of well-known names that are willing to subscribe to equity shares of the bank.