Yes Bank rises 5% after SBI Chairman's comments

Yes Bank rises 5% after SBI Chairman's comments
Yes Bank informed the exchanges that it has sold 12,20,001 equity shares having nominal value of Rs.10/- each, constituting 2.08% of the paid-up share capital of SICAL Logistics Limited in various tranches, last being on January 22, 2020, resulting into a change in holding of the Bank by more than 2% of the total shareholding of SICAL.

Meanwhile, State Bank of India's chairman Rajnish Kumar reportedly said Yes Bank "will not be allowed to fail." Kumar told Bloomberg that 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,” State Bank of IndiaNSE 0.57 % Chairman Rajnish Kumar told Bloomberg Television in Davos. “I have a feeling that it will not be allowed to fail,” he added.

On the question of whether SBI would play a part in bailing out the private lender, he said that it was “out of the question that SBI will do anything for Yes Bank.”

Stock View:

Yes Bank Ltd is currently trading at Rs40.40 up by Rs1.95 or 5.07% from its previous closing of Rs38.45 on the BSE.

The scrip opened at Rs38.65 and has touched a high and low of Rs41.35 and Rs38.35 respectively. So far 11,58,56,846 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs9,806.57cr.

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