Yes Bank surges 14% on value buying
Shares of Yes bank on Thursday rose as much as 14 percent on bourses mainly due to value buying after five consecutive trading sessions of losses. On the BSE, the scrip after opening on a positive note further rose to an intra-day high of Rs 48.15, up 12.5 percent. Later, the stock was quoting at Rs 46.20 in the afternoon trading session, up 7.83 percent from the previous close.
Similar movements were seen on the NSE, where the scrip jumped 14 percent to Rs 48.80. In the afternoon trade, the stock was trading at Rs 46.30, up 8.18 percent from the previous close. The uptrend in the counter comes following a fall in the bank's shares for five consecutive trading sessions due to uncertainty over its USD 2-billion fundraising plan.
Market experts attributed the surge in the share price of the bank to value buying. The lender after its board meeting on Tuesday said it would continue to evaluate other potential investors to raise capital up to USD 2 billion.
"The board is willing to favorably consider the offer of USD 500 million of Citax Holdings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting, subject to requisite regulatory approval(s)," it had said in a regulatory filing. The binding offer of USD 1.2 billion submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion, it had added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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