YES Bank hits highest level since June 2020; stock zooms 28% in 2 days

Till 03:05 pm, a combined 1,524 million equity shares, representing 5 per cent of total equity of YES Bank, had changed hands on the NSE and BSE

Shares of YES Bank hit over three-year high of Rs 29.20 as they surged 15 per cent on the BSE in Wednesday's intraday trade amid heavy volumes. In the past two trading days, the stock of the private sector bank has zoomed 28 per cent. It is trading at its highest level since June 2020.

At 03:05 pm, YES Bank was quoting 13 per cent higher on the back of four-fold jump in trading volumes. A combined 1,524 million equity shares, representing 5 per cent of total equity of the bank, had changed hands on the NSE and BSE till then.

YES Bank, on Tuesday, informed that the Bank has received an intimation from the Reserve Bank of India (RBI) dated February 5, 2024, that it has accorded its approval to HDFC Bank for acquiring aggregate holding of up to 9.50 per cent of the paid-up share capital or voting rights of the Bank. READ MORE

The RBI, while granting the above referred approval, has also conveyed that if the YES Bank fails to acquire major shareholding within a period of one year from the date of aforesaid RBI letter, the approval shall stand cancelled, the Bank said.

As on December 31, 2023, HDFC Bank held 3 per cent stake in YES Bank. State Bank of India (SBI) held 26.13 per cent holding in the Bank, while IDFC First Bank, Axis Bank, Kotak Mahindra Bank, and ICICI Bank held between 1 per cent and 2.6 per cent stake, shareholding pattern data shows.

According to technical analysts at Prabhudas Lilladher, currently, YES Bank has taken support near the significant 50-EMA level of Rs 22.60 zone and indicated a breakout above the previous peak of Rs 26.25 zone with a series of bullish candle formation to improve the bias once again and with a higher low pattern formed once again has improved the bias.

The brokerage firm expects the stock to rise till the initial target of Rs 32 and thereafter with strength sustaining can achieve the next target of Rs 35 and Rs 44 levels, respectively. The near-term support would be maintained near the Rs 22.60 zone.