Yes Bank Continues with Upper Circuit
Yes Bank has been in focus since the private sector bank announced its FPO pricing. The troubled private lender has been in the news for all the wrong reasons this year and witnessed a massive decline in valuations. However, the future of bank looks much better in August 2020 compared to March 2020 when investors weren’t sure if Yes Bank can continue operations. Now that stability has been witnessed, Yes Bank has also been upgraded by Moody’s Investor Service.
After Yes Bank announced FPO pricing of Rs 12 per share, the stock tumbled from nearly Rs 28 to Rs 12 on the day of listing of FPO shares. However, the stock has started its upward journey.
LIC has purchased nearly 5 percent stake at a very good price. This has been the newest trigger in upward journey of Yes Bank. Let us see how long this rally continues.
TopNews had earlier suggested investors to stay invested in Yes Bank and not sell in panic. Fresh entry should be avoided but earlier positions should be held in Yes Bank. We could soon witness this private sector lender trading above Rs 20. The 5% circuit filter is a major reason for very slow upward movement in Yes Bank.