Yes Bank Shares Jump 9% On Reports Of Majority Stake Sale Plan
However, the private sector bank said the news was speculative in nature.
Shares of Yes Bank Ltd. jumped over 9% on Thursday on news that is looking to sell up to a 51% stake to increase its valuation to $8–9 billion.
However, the private sector bank said the news was speculative in nature, and it does not feel right to comment on the article. It clarified that there is no "material development", which is required to be disclosed, according to an exchange filing.
The bank has sent invitations to various lenders, including present stakeholders in this regard. It has also reached out to seek buyers in West Asia, Europe and Japan, according to a report by Moneycontrol.
Yes Bank's stock rose as much as 9.55% during the day to Rs 22.95 apiece on the NSE. It was trading 9.07% higher at Rs 22.85 per share, compared to a 0.47% advance in the benchmark Nifty 50 as of 2:15 p.m.
The stock had declined for the last three consecutive sessions. The share price has risen 46.95% in the past 12 months. The total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 42.03.
Out of 11 analysts tracking the company, two recommend a 'hold' and nine suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 29.5%.