YES Bank Stock Up 23% After SBI Says to Infuse Funds in Private Lender
Rana Kapoor, the founder of the crisis-hit YES Bank, was arrested by the Enforcement Directorate (ED) on Sunday in connection with a money-laundering probe against him. The Sensex was trading at 35,919, down 1,657 points, (4.4 percent).
Mumbai, March 9: YES Bank stock was up over 30 percent on Monday morning after SBI announced it would infuse funds into the private sector lender. The stock remained volatile and was trading at Rs 20.15, up 23 percent at 10:54 am. The stock tanked 85 percent on Friday after RBI superseded YES Bank board and it restricted the withdrawal limit to Rs 50,000 per account till April 3.
According to a Business Today report, the shares of the private lender have eroded almost 52 percent value in the last week, 75.94 percent in one month and 80 percent since the beginning of 2020. On Saturday, SBI said it will issue 245 crore shares at Rs 10 each for Rs 2,450 crore in YES Bank. These shares will translate into a 49 per cent stake into the reconstructed bank. Rana Kapoor, YES Bank Founder, Sent to ED Custody Till March 11 by Mumbai's Special Holiday Court.
Rana Kapoor, the founder of the crisis-hit YES Bank, was arrested by the Enforcement Directorate (ED) on Sunday in connection with a money-laundering probe against him. The Sensex was trading at 35,919, down 1,657 points, (4.4 percent).
In a major relief to the hassled customers, YES Bank on Saturday announced that all its ATM machines are now functional and that its customers can withdraw cash up to Rs 50,000 from them. The lender, in a tweet, said its customers would also be able to withdraw money using debit or credit card at any YES Bank or other bank ATMs.
(The above story first appeared on LatestLY on Mar 09, 2020 11:05 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).