Extending gains to the fourth session in a row, Yes Bank shares rose nearly 4 per cent on Wednesday, hours before the crisis-hit private sector lender resumed full operations. The Yes Bank stock soared as much as 49.96 per cent to touch Rs 87.95 apiece on the BSE at the strongest level recorded during the day, before losing steam by the end of the session as financial stocks led a selloff across the markets. With Wednesday's gain, Yes Bank shares soared 142.71 per cent in four straight sessions.
In a Twitter post on Wednesday evening, Yes Bank said its "banking services are now operational", as it returned to normalcy in a big sigh of relief for the troubled depositors. Earlier, the Reserve Bank of India (RBI) had taken over Yes Bank and placed it under a moratorium, limiting withdrawals from its accounts at Rs 50,000 with few exceptions.
Several private and public sector financial institutions including the country's largest lender by assets, State Bank of India (SBI), have come together to infuse capital into Yes Bank to help it stabilise as part of an RBI-backed rescue plan.
Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation. #YESforYOU @RBI @FinMinIndia
The Yes Bank stock remained among the top percentage gainers in the 50-scrip benchmark index - the NSE Nifty 50 - during most of the session.
Yes Bank shares ended with a gain of 3.67 for the day at Rs 60.80 on the bourse, bucking overall trend in the markets whose benchmark index S&P BSE Sensex finished the session down 5.59 per cent. Domestic stock markets gave in to sharp losses across sectors especially financial stocks after swinging between gains and losses in the first few hours.
Yes Bank shares have caught many investors on the back foot over the past few months, say analysts. As of Wednesday's close, Yes Bank shares are up 29.50 per cent so far this year thanks to recent gains, after losing 74.17 per cent of their value last year.
Meanwhile, financial markets around the globe continued to suffer a prolonged selloff, as investors weighed new headlines on the fallout of the coronavirus against hopes of a policy stimulus to combat the outbreak.
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