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 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)
