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YES Bank share price rises 10% on SBI Chairman's positive remarks

YES Bank stock price touched an intraday high of Rs 45 on Friday, rising 9.89% on BSE.

twitter-logo BusinessToday.In        Last Updated: January 24, 2020  | 13:26 IST
YES Bank share price rises 10% on SBI Chairman's positive remarks
YES Bank share price has risen 9.89% to the high of Rs 45 today

Extending gains for the second consecutive session, share price of private lender YES bank gained nearly 10% on Friday, buoyed by positive statements from SBI Chairman Rajnish Kumar.

YES Bank stock price touched an intraday high of Rs 45 on Friday, rising 9.89% on BSE. "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.

Volume-wise 113 lakh and 2,089 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 50% buyers bidding against 50% sellers offering the stock. The stock trades higher than its 5 and 20-day moving averages but lower than 50, 100 and 200-day moving averages.

Yesterday, YES Bank share price gained as much as 7.54% intraday, after the State Bank of India Chairman Rajnish Kumar said that the private lender 'will not be allowed to fail'.

YES Bank stock price has been under investors' focus recently, primarily amid concerns like the sudden exit of promoter Rana Kapoor, asset quality deterioration, NPA divergences, lower capital levels and worries on fundraising. YES Bank's shares have risen nearly 12% in one week, although fallen 14.5% in a month and over 83% in one year.

Last on January 10, the lender's board had approved raising of funds up to Rs 10,000 crore in one or more tranches through qualified institutional placement (QIP) or any other private placement of equity or debt. Besides the fundraising concerns, investors will also be awaiting lender's October-December quarter results. The lender had reported a net loss for the June-September quarter.

Share Market LIVE: Sensex rises 170 points, Nifty above 12,230; YES Bank gains nearly 5%

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