Shares of Yes Bank shot up by over 27 per cent on the Bombay Stock Exchange (BSE) on Thursday amidst reports that a consortium led by State Bank of India (SBI) will buy a stake in the troubled private sector lender.
According to a Bloomberg report, the Government has approved a proposal for SBI to lead a consortium that will acquire a stake in Yes Bank. The Finance Ministry, SBI or Yes Bank are yet to confirm the development.
Yes Bank scrip gained 27.3 per cent during intraday trade to Rs 37 a piece on BSE at 11.35 am.
In January this year, SBI Chairman Rajnish Kumar had stressed that Yes Bank would not be allowed to fail and he was optimistic that some solution would be found for the lender.