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YES Bank shares rise over 7% after SBI Chariman says it will not be allowed to fail

Reacting to SBI chief comments, YES Bank shares touched an intraday high of Rs 41.35, rising 7.54% on BSE today, against the previous close of Rs 38.45.

twitter-logo BusinessToday.In        Last Updated: January 23, 2020  | 14:45 IST
YES Bank shares rise over 7% after SBI Chariman says it will not be allowed to fail
YES Bank stock has been on gaining spree for the last two days and has risen 6.13% during the period.

Shares of YES Bank surged over 7% on Thursday trade after State Bank of India Chairman Rajnish Kumar said that the private lender 'will not be allowed to fail'. Kumar reportedly said that he's certain "some solutions will emerge" to resolve YES Bank's crisis, which has been on a prolonged quest to raise new capital.

"YES Bank is a significant player in the market with an almost $40 billion balance sheet. I have a feeling that it will not be allowed to fail," Kumar told Bloomberg on the sidelines of the World Economic Forum 2020 in Davos, Switzerland.

Reacting to SBI chief comments, YES Bank shares touched an intraday high of Rs 41.35, rising 7.54% on BSE today, against the previous close of Rs 38.45.

Volume-wise 64 lakh and 1,261 lakh shares were trading on BSE and NSE counters, both above 5,10 and 30-day average volume traded. Market depth data on BSE suggested 58% buyers bidding against 42% sellers offering the stock.

The current market cap of the company stood at Rs 9,819 crore. YES Bank stock has been on gaining spree for the last two days and has risen 6.13% during the period.

YES Bank stock price trades higher than its 5-day moving averages but lower than 20, 50, 100 and 20-day moving averages. The stock has gained 1.88% in one week, although fallen 18% in one month and nearly 80% in one year, amid worries about its asset quality and uncertainty about its efforts to raise new capital.

In a separate development, YES Bank notified the exchanges today that it has sold 12.2 lakh equity shares, or 2.08% of the paid-up share capital of SICAL Logistics Limited in various tranches, last being on January 22, 2020. Earlier on January 15, YES Bank had, pursuant to invocation of pledge of shares, acquired 60,00,000 equity shares, constituting nearly 10.25% of paid-up share capital of SICAL Logistics.

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