Yes Bank shares gain 4% on Sebi's nod for mutual fund biz

Shares of Yes Bank today rose by 4 per cent after the company received approval from capital markets regulator Sebi to start mutual fund business.

The stock went up by 3.96 per cent to settle at Rs 348.80 on BSE. During the day, it soared 4.54 per cent to Rs 350.75.

At NSE, shares of the company jumped 3.88 per cent to close at Rs 348.60.

The stock was the top gainer on both the key indices during the day.

The company's market valuation rose by Rs 3,159.27 crore to Rs 80,423.27 crore.

In terms of equity volume, 11.36 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

This approval is subsequent to the Reserve Bank of India's (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by Securities and Exchange Board of India's (Sebi) in-principle approval received subsequently, the bank said in a statement yesterday.