Yes Bank jumped 7.48% to Rs 46 on bargain hunting after a recent steep sell off.
Shares of Yes Bank slumped 23.84% in the past two trading sessions to settle at Rs 42.80 yesterday, 11 December 2019, from its close of Rs 56.20 on 9 December 2019.
Yes Bank slumped 15.33% to Rs 42.80 on Wednesday (11 December 2019) after the bank's board further delayed decision on new investors.
On Tuesday, Yes Bank said it is considering a $500 million investment offer from London-based Citax Holdings and Citax Investment Group.
The private lender also said the $1.20 billion bid by Erwin Braich-SGPG group is still under evaluation and a final decision on the investment will be taken at its next board meeting. The lender did not give a time frame for the next board meeting. The bank said it continue evaluating other potential investors to raise capital upto $2 billion.
On 29 November 2019, the bank said that various investors have expressed willingness to subscribe to equity shares of the bank.
Among the institutional investors, a top-tier US Fund House, Discovery Capital and Ward Ferry expressed interest in acquiring fresh stake in the bank. Aditya Birla Family Office, Citax Holdings Ltd & Citax Investment Group, GMR Group and Associates, Erwin Singh Braich I SPGP Holdings and Rekha Jhunjhunwala are the five family offices that have expressed interest in subscribing to the equity of the bank.
None of the investors will be allotted equity shares such that their holding exceeds 25% of the share capital of the bank.
Meanwhile, the S&P BSE Sensex was up 199 points or 0.49% to 40,612.01.
In the past one month, shares of Yes Bank slumped 32.60% to its current market price of Rs 46, underperforming the Nifty Private Bank index's 3.37% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 33.739. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading below its 50-day moving average (DMA) placed at Rs 56.68, as well as below its 200 DMA placed at Rs 124.95.
On a standalone basis, Yes Bank reported a net loss of Rs 600.08 crore in Q2 September 2019 as compared to net profit of Rs 964.70 crore in Q2 September 2018. The total income of the bank fell 4.3% to Rs 8,332.21 crore in Q2 September 2019 over Q2 September 2018.
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