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Yes Bank stock rises 6% in intraday trade; Nifty Bank hits record high

In line with benchmark indices, YES Bank share price gained as much as 5.96 per cent to touch an intraday high of Rs 67.50, after opening higher at Rs 64.40, against the previous close level of Rs 63.70

twitter-logo BusinessToday.In   New Delhi     Last Updated: November 26, 2019  | 15:46 IST
Yes Bank stock rises 6% in intraday trade; Nifty Bank hits record high
YES Bank shares touched an intraday high of Rs 67.50 on the NSE

YES Bank share price rose nearly 6 per cent in intraday trade on domestic bourses in line with banking index which hit new record high on Tuesday. Bank Nifty hit new record high of 31,813.70 in a broad-based rally as buying has emerged across private as well as public sector banks.

YES Bank was top gainer among banking stocks, followed by ICICI Bank, IndusInd Bank, Bank of Baroda, IDFC First Bank, Punjab National Bank, State Bank of India and HDFC Bank.

In line with benchmark indices, YES Bank share price gained as much as 5.96 per cent to touch an intraday high of Rs 67.50, after opening higher at Rs 64.40, against the previous close level of Rs 63.70. On Monday, YES Bank shares fell over 1 per cent after the BSE announced that the stock along with Tata Motors, Tata Motors DVR and Vedanta would be excluded from the Sensex.

On the National Stock Exchange, YES Bank shares touched an intraday high of Rs 67.50 after a gap up opening at Rs 64.60 against previous closing price of Rs 63.75.

Also Read: Why IndiGo shares fell over 4% in intraday trade

Meanwhile, the BSE Bankex index was quoting at 35,855, up by 139.29 points or by 0.39 per cent.

Shares of Yes Bank rose 6 per cent this month as slew of negative developments restricted the stock upward movement. Yes Bank is in consolidation mode after rallying over 75 per cent in October amid reports that the lender is in talks with investors to raise funds. The lender's stock has tumbled to Rs 62.55 from Rs 404 in August last year.

Also Read: Rana Kapoor era ends at YES Bank as promoters sell remaining stake; stock falls 2%

The bank, which announced plans to raise up to $1.2 billion, said last week that it intended to convene a meeting of its board of directors by end of this month to finalise its capital raise.

The investors turned bearish on the stock after the Reserve Bank of India found under-reporting of bad loans to the tune of Rs 3,277 crore during the financial year 2018-19.

Last week, Rana Kapoor and promoter entities YES Capital and Morgan Credits sold their remaining 0.8 per cent stake in private sector lender. Rana Kapoor, the bank's founder and former chief executive officer, now hold merely 900 shares in the company.

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