Yes Bank corrects on profit booking

Yes Bank tumbled 14.97% to Rs 51.70 on profit booking after a recent steep surge.

The stock surged 142.71% in the past four sessions to Rs 60.80 on 18 March 2020. from its recent closing low of Rs 25.05 on 12 March 2020.

The Reserve Bank of India (RBI) on Wednesday at 18:00 hrs withdrew its moratorium imposed on the private lender, allowing restoration of all banking operations.

This came after a consortium of eight public and private banks, led by State Bank of India, agreed to infuse capital into Yes Bank to rescue it under the restructuring plan proposed by the government and RBI.

On March 5, the Reserve Bank imposed a moratorium on the troubled private sector lender, including capping withdrawals at Rs 50,000 per depositor after it found that the new management was unable to raise the urgent core capital which had fallen much below the mandated level.

Yes Bank is a full service commercial bank' providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.

Meanwhile, Madhu Kapur sold 2.48 crore shares of Yes Bank in a block deal on NSE at Rs 65.07 each on Wednesday (18 March 2020).

As on 17 March 2020, Madhu Kapur held 17.27 crore shares, or 1.377% in Yes Bank. Madhu Kapur is wife of the late Ashok Kapur, who founded the private lender along with Rana Kapoor in 2004.

As per Yes Bank's restructuring scheme, investors owning more than 100 shares are being subject to a three-year lock-in for 75% of their total investment.

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