Yes Bank bounces back after 4-day losing streak

Yes Bank jumped 5.95% to Rs 59.65 at 11:44 IST due to bargain hunting after a recent slide.

Shares of Yes Bank fell 29.14% in the past four trading sessions to settle at Rs 56.3 yesterday, 22 August 2019, from its close of Rs 79.45 on 16 August 2019.

On the BSE, 121.32 lakh shares were traded in the counter so far compared with average daily volumes of 130.41 lakh shares in the past two weeks. The stock hit a high of Rs 61.25 and a low of Rs 54.7 so far during the day. The stock hit a 52-week high of Rs 395.55 on 23 Aug 2018. The stock hit a 52-week low of Rs 53.15 on 22 Aug 2019.

The recent selling was triggered by a disclosure regarding irregularities and unauthorized transactions at CG Power and Industrial Solution. As on 30 June 2019, Yes Bank held 12.79% stake in CG Power.

Yes Bank recently raised Rs 1,930 crore via qualified institutions placement (QIP), which was open between 8 and 14 August 2019. The bank allotted 23.1 crore equity shares of face value of Rs 2 each to eligible qualified institutional buyers at Rs 83.55 each. The stock is currently 28.61% below the QIP issue price.

Meanwhile, a media report indicated that Yes Bank is expected to consider raising an additional $1.2 billion equity infusion and is expected to seek shareholder approval after getting the nod from board members.

The stock had underperformed the market over the past one month, falling 38.23% compared with 4.10% fall in the Sensex. The scrip had also underperformed the market in past one year, slumping 85.50% as against Sensex's 4.86% fall.

Yes Bank's net profit fell 91% to Rs 113.76 crore on a 9.9% rise in the total income to Rs 9088.80 crore in Q1 June 2019 over Q1 June 2018.

Powered by Capital Market - Live News