YES Bank share price rebounds 180% from all-time low after RBI governor Shaktikanta Das promises swift resolution
BusinessToday.In March 6, 2020
YES Bank share price nearly tripled in a span of 20 minutes, rebounding from its all-time low of Rs 5.55 to Rs 15.55 on BSE today. The stock rose 180% from its intra day low amid reports that RBI governor Shaktikanta Das met finance ministry officials to resolve YES Bank crisis. Das assured of an early solution and swift action within one month.
"The resolution will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," RBI governor Shaktikanta Das told reporters after ASSOCHAM's 15th annual banking summit.
Earlier in the day, the mid cap stock plunged 85% to its all-time low in morning trade today compared to the previous close of Rs 36.85 on BSE. At 12: 47 pm, the stock was trading at Rs 15.45, still 58% lower from its previous close of Rs 36.85.
The crash in the stock came after RBI took over the board of private sector lender. It has lost 93% in last one year and 68% since the beginning of this year.
The share of the private lender opened at Rs 33.20, nearly 10% lower and further fell 85% to hit a low Rs 5.55 on BSE today. On NSE, the stock too fell 85% at Rs 5.65, its new low.
The fourth-largest private sector lender had been looking for up to $2 billion to shore up its capital base but could not find credible investors to infuse funds into the lender.