The Yes Bank shares ended the day at Rs 58, stronger by Rs 21 or 58 per cent, on the BSE, despite a 2.5per cent fall in the BSE Sensex.
Mumbai| Shares of YES Bank surged 73 per cent in Tuesday’s trade after rating agency Moody’s upgraded the private lender’s outlook to positive (from negative) while also upgrading its rating by a notch.
“We upgraded YES Bank long-term foreign-currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and (P) Caa1 from (P) Caa3, respectively,” Moody’s Investors Service said post market hours of Monday.
The share price of the private lender rose over 73 per cent to Rs 64.15 this morning compared to the previous close of Rs 37.10.
The Yes Bank shares ended the day at Rs 58, stronger by Rs 21 or 58 per cent, on the BSE, despite a 2.5 per cent fall in the BSE Sensex.
Also Read: RBI crisis: IMF says monitoring situation in India
On Monday, the RBI Governor Shaktikanta Das assured the Yes bank investors that their deposits are safe and promised that the central bank will step in, if needed, to provide the necessary liquidity to Yes Bank.
The stock of the private sector lender has vaulted around 100 per cent in the past two days alone. In all, the shares have zoomed 1,000 per cent in the past 7 trading sessions from the all-time low level of Rs 5.5 touched on March 6 as investors are betting that recent actions by the government and RBI would orchestrate a turnaround in the beleaguered bank.
The troubled bank will restart full-fledged banking services from Wednesday, 6 pm onwards.
On Monday, the RBI Governor Shaktikanta Das said if needed, the central bank would give additional liquidity support to the crippled lender. The central bank had superseded YES Bank board on March 5 and placed it under an administrator.
(Inputs from agencies)
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
