'Call' buyers gain big as YES Bank rallies on news of investment offer

On Thursday, option premium for Rs 65 contract was up 270 times at day's high

The surge in Yes Bank shares on Thursday led to windfall profits for derivatives traders, who had bought deep out of money 'call' options of the bank.

Before the bank disclosed that it had received a binding offer from a global investor, the call option for a Rs 65 strike price was hardly fetching any premium. After the disclosure, however, the option premium zoomed to a high of Rs 13.5. From its opening price of five paise, this was a 270-fold surge.  

On Thursday, shares of Yes Bank clocked intra-day gains of 34 per cent (at a day's high of