Yes Bank stock Buzzes on reports of Govt approves SBI to buy stake

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Yes Bank share price jumped up to 29 percent intraday high on Thursday’s session after the media report said that the govt has approved a plan for State-Bank of India(SBI) to form a consortium that will purchase a stake in the YES Bank.

The public-sector bank has been authorized to pick other members of the consortium, the report added.

Reacting to the news, the stock rose 26.3 percent to Rs.37-per share on the BSE. At 12.33-pm, YES Bank’s scrip climbed 26.28 percent to Rs.37 per share on the NSE.

Updates: Subsequent on the news report, later on, today Yes Bank, however, has clarified to the stock exchanges that, as on date – Yes Bank has not received any such communication from RBI or any other the Govt or Regulatory bodies or from the SBI with regard to the news and we are unaware of any such decision.

Meantime, the stock of State Bank of India was trading at Rs.294.25, up by 3.14 percent or Rs.8.95 per share. The one-year-high share price is Rs373.80 and one-year-low is Rs 244.35 on NSE. Nifty trading tips click on the link.

Markets have increased gains in the mid-session as Nifty has managed to excel its resistance of 11,347-zone. The Sensex stood at 38742-level up by 333 points.

Nifty Bank index gained gains more than 325 points and a big rise was seen in Yes Bank and Kotak Mahindra Bank, SBI and RBL Bank.

On the NSE, currently, the top active stocks recorded include State Bank of India, Yes Bank, Reliance, HDFC Bank, Tata Motors and Kotak Mahindra Bank.

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