12,080.85-45.05
Stock Analysis, IPO, Mutual Funds, Bonds & More

YES Bank jumps 7% after SBI chairman says it will not be allowed to fail

“Yes Bank is a significant player in the market with an almost $40 billion balance sheet. I have a feeling that it will not be allowed to fail,” Kumar said in Davos.

ETMarkets.com|
Last Updated: Jan 23, 2020, 03.36 PM IST
0Comments
Reuters
YES-Bank---2-Reuters
As per Reuters data, 14 analysts tracking the stock have a ‘sell’ call, while six have ‘underperform’. Eleven have given ‘hold’ recommendation.
Shares of YES Bank jumped 7 per cent in Wednesday’s trade after SBI chairman said the troubled lender ‘will not be allowed to fail’.

State Bank of India Chairman Rajnish Kumar said he’s certain “some solutions will emerge” to steady YES Bank, which has been on a prolonged quest to raise new capital.

“Yes Bank is a significant player in the market with an almost $40 billion balance sheet. I have a feeling that it will not be allowed to fail,” Kumar said in Davos.

This comes a month after when the high-profile banker said it was “out of the question that SBI will do anything for Yes Bank.”

Meanwhile, YES Bank informed the bourses that it sold 12,20,001 equity shares having a nominal value of Rs10 each, constituting 2.08 per cent of the paid-up share capital of Sical Logistics. This resulted in a change in the holding of the Bank by more than 2 per cent of the total shareholding of Sical.

At the current price of Sical Logistics shares, the transaction would be worth Rs 1.68 crore.

As per Reuters data, 14 analysts tracking the stock have a ‘sell’ call, while six have ‘underperform’. Eleven have given ‘hold’ recommendation.

The shares of the lender closed 6.50 per cent higher at Rs 40.95 on BSE.
Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service