After Rakesh Jhunjhunwala’s stake buy, YES Bank share price soars 9%

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Updated: November 5, 2019 12:38:12 PM

Shares of YES Bank rose nearly 9 per cent in the early trade Tuesday after ace investor Rakesh Jhunjhunwala picked up stake in the troubled private sector lender.

yes bank, banking sectorThe veteran investor on Monday purchased 12.9 million shares or 0.5 per cent stake in YES Bank at a price of Rs 67 per share in a bulk deal on BSE, the data showed

Shares of YES Bank rose nearly 9 per cent in the early trade Tuesday after ace investor Rakesh Jhunjhunwala picked up stake in the troubled private sector lender. The veteran investor on Monday purchased 12.9 million shares or 0.5 per cent stake in YES Bank at a price of Rs 67 per share in a bulk deal on BSE, the data showed. The stake was picked up for nearly Rs 87 crore through open market transactions. The stock jumped 8.7 per cent to Rs to an intraday high of Rs 71.90 on BSE. On the NSE, it soared 8.84 per cent to Rs 72. In the early trade, YES Bank was the top gainer on both Sensex and Nifty packs. The YES Bank shares were trading at Rs 68.05, up 1.90, or 2.87 per cent on NSE at the time of reporting.

After the MD & CEO Ravneet Gill-led bank announced that it has received a binding offer worth $1.2 billion, its shares have seen a sharp recovery. In Q2FY20, Yes Bank reported a net loss of Rs 600 crore for the quarter ended September 2019 on the back of a one-time deferred tax adjustment of Rs 709 that the bank took to avail of the lower tax rate announced by the government.

Also read: MSCI likely to axe debt-laden Indian cos; Vodafone Idea, Indiabulls HFC, others may suffer

Meanwhile, the benchmark equity index, BSE Sensex retreated from its record peak in early trade on Tuesday as investors booked profits amid positive cues from global equities. After rising over 165 points in the opening session, the 30-share index pared all gains to trade 98 points, lower at 40,203. Similarly, the broader NSE Nifty slipped 36 points, to 11,905. Top losers in the Sensex pack included Sun Pharma, TCS, Kotak Bank, Infosys, Tata Steel, and HUL, shedding up to 1 per cent.

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