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YES Bank share price gains 3% after Kapur family withdraws suit against lender

BusinessToday.In     June 10, 2020

YES Bank share price was trading 2.85% higher in Wednesday's session after the lender informed exchanges Madhu Kapur, and her family have withdrawn a case filed against the lender in 2013.

The suit was withdrawn following the reclassification of the family's holding and the Bombay High Court allowed the withdrawal, the bank said.

Following the update, YES Bank share price gained 2.85% to the intraday high of Rs 30.75 on BSE compared to its earlier close of Rs 29.90. Market capitalisation of YES Bank currently stands at Rs 37,965.18 crore.

YES Bank stock price trades higher than its 5, 20 and 50-day but lower than 100 and 200-day moving averages. YES Bank stock has risen 8.77% in one week and 12.38% in one month.

On May 30, 2020, the bank had informed the stock exchanges the plaintiffs decided to reclassify their shareholding in the Bank as 'non-promoter shareholders'.

"Plaintiffs have now withdrawn the suit filed against the defendants, which has been allowed by Hon'ble Bombay High Court vide order dated June 09, 2020," the filing added.

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