Yes Bank shares zoom 9 pc after Rakesh Jhunjhunwala buys stake

Shares of Yes Bank on Tuesday advanced nearly 9 per cent after ace investor Rakesh Jhunjhunwala bought approximately 1.3 crore shares of the company for around Rs 87 crore through open market transactions.

The scrip, after a positive opening, further jumped 8.77 per cent to Rs 71.90 on the BSE.

On the NSE, it zoomed 8.84 per cent to Rs 72.

It was the top gainer on both Sensex and Nifty during early trade.

According to bulk deal data available with the BSE, Jhunjhunwala purchased 1,29,50,000 shares of the private lender amounting to 0.5 per cent stake.

The shares were bought at an average price of Rs 67.1, taking the transaction to Rs 86.89 crore, the data showed.

Shares of the lender, after plunging 15 per cent during the previous session on Monday, recovered most of its early losses and closed over 1 per cent lower after the company reported a consolidated net loss of Rs 629.1 crore for the September quarter due to a spurt in bad loans.