Stocks

YES Bank share recovers

KS Badri Narayanan Chennai | Updated on October 03, 2019 Published on October 03, 2019

The YES Bank share recovered sharply on Thursday after a clarification from the company management.

At 12.22 pm, the YES Bank share was trading 24 per cent higher at Rs 39.75 on the NSE.

In a conference call, the YES Bank CEO and MD, Ravneet Gill, attributed the massive crash in the stock price to the forced sale of Rs 10 crore equity shares by a large shareholder.

The bank had informed the BSE that Milestone Trusteeship Services had invoked its pledged shares.

Further, he clarified, that there was no relation between the fall in the share price and the bank's business.

Gill said Rajat Monga, the group president, had decided to move on and leave the company.

According to market players, the stock has been witnessing all-round selling from promoters, large investors, lenders and HNIs.

As most of the selling was over, one could see some short-covering in the stock. However, it was not yet a buy candidate, as it could see further volatility in the days ahead, they have cautioned.

The Q2 results could throw light on the bank's fundamentals, they added.

Published on October 03, 2019
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