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Yes Bank surges 14% on profit booking

Yes Bank surges 14% on profit booking
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New Delhi: Shares of Yes bank on Thursday rose as much as 14 per cent on the bourses mainly due to profit booking.

On the BSE, the scrip after opening on a positive note further rose to an intra-day high of Rs 48.15, up 12.5 per cent. Later, the stock was quoting at Rs 46.20 in the afternoon trading session, up 7.83 per cent from the previous close.

Similar movements were seen on the NSE, where the scrip jumped 14 per cent to Rs 48.80. In the afternoon trade, the stock was trading at Rs 46.30, up 8.18 per cent from the previous close.

The uptrend in the counter comes following a fall in the bank's shares for five consecutive trading sessions due to uncertainty over its USD 2-billion fundraising plan.

Market experts attributed the surge in the share price of the bank to profit booking.

The lender after its board meeting on Tuesday said it would continue to evaluate other potential investors to raise capital up to USD 2 billion.

"The board is willing to favourably consider the offer of USD 500 million of Citax Holdings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting, subject to requisite regulatory approval(s)," it had said in a regulatory filling.

The binding offer of USD 1.2 billion submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion, it had added.

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