Yes Bank shares plunged nearly 11% on Monday, ending their gaining streak for four straight days. The stock opened marginally higher on BSE on Monday, but plunged as much as 10.79% to an intraday low of ₹28.01 apiece on BSE compared to its previous close of ₹31.4.
The shares of the private lender fell in the new week after a good winning run of four straight trading days, gaining nearly 40% during the period.
The banking stock’s strong uptick over the past four trading sessions is a result of the Reserve Bank of India's (RBI) approval of HDFC Bank to purchase a stake in Yes Bank, along with the State Bank of India's (SBI) refusal to sell its stake in the private lender.
The SBI refuted reports that it was looking to pare a part of its stake in Yes Bank. For the quarter that ended December 31, 2023, the public sector bank held a total of 751.6 crore equity shares of Yes Bank, amounting to a 26.13% stake in the private lender, which was valued at approximately ₹23,577 crore at Friday’s closing price.
However, the securities of Yes Bank have been put under the short-term Additional Surveillance Measure (ASM) framework by bourses—National Stock Exchange (NSE) and BSE to protect investors from high volatility in share price.
The stock has gained 27% in only a week and is up by 35% so far in the calendar year 2024. Market analysts have stated that the chances of Yes Bank’s shares undergoing a profit booking cannot be omitted, given the decent rally witnessed over the past week.
Shares of Yes Bank were trading 8% lower at ₹28.86 apiece on BSE at 12:58 PM. The scrip settled at ₹28.35, down 9.71%.
(Edited by : Ajay Vaishnav)
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