YES Bank records sharpest ever intra-day rally, surges 58% in a weak market

The management said the Bank's near term focus will be on deposit mobilization, retail loans including MSME, cost optimization and acceleration in the resolution of stressed assets

Shares of YES Bank recorded their sharpest intra-day gain -- 58 per cent -- to Rs 40.40 on the BSE on Monday in an otherwise weak market after the Union Cabinet approved the reconstruction of the crisis-hit private sector lender as per the scheme proposed by Reserve Bank of India (RBI).

At 10:34 am, YES Bank was trading at Rs 38.85, up 52 per cent against its previous day’s close of Rs 25.55 on the BSE. In comparison, the S&P BSE Sensex was down 4.8 per cent at 32,483 points. The counter has seen huge trading volumes with a