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YES Bank shares extend gains on SBI chairman's comments

In the last three sessions, YES Bank has gained 16.55 per cent.

Last Updated: Jan 24, 2020, 11.49 AM IST
NEW DELHI: Shares of YES Bank extended their gains on Friday after SBI chairman said the troubled lender "will not be allowed to fail".

The stock was up 9.16 per cent at Rs 44.70 on BSE.

In the last three sessions, it has gained 16.55 per cent. The scrip closed 6.5 per cent up at Rs 40.95 on Thursday.

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 on Wednesday.

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 on Thursday that it sold over 12 lakh equity shares that amounts to 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 more than Rs 1.5 crore.

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

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