Among a week old debacle, Yes Bank has some positive news to celebrate. After SBI commented to end the Yes Bank’s 30-day moratorium within a week, the share prices of the bank have seen a huge surge. The shares are up by 30% and are changing hands at Rs 27.35 per share.
- RBI overtook Yes Bank operations, putting the bank in the 30-day moratorium.
- SBI came as a shining knight to resolve the Yes Bank crisis.
- As a result, the share prices of Yes Bank saw a surge.
Yes Bank Shares plummet after the RBI debacle –
March 5th 2020, was a black spot in the Yes Bank history. The bank lost all its powers as RBI took over its operations. Moreover, the bank is under 30-day moratorium wherein depositors are locked out of their own account, allowing only 50,000 withdrawal limit. No new loans can be provided or earlier loans be renewed. RBI had appointed a new administrator Mr. Prashant Kumar to formulate a rescue plan for this Yes Bank crisis.
The biggest bank of the country, State Bank of India has come upto the rescue of Yes Bank. SBI plans to buy 49% of the crisis-ridden YES Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore.
Yes Bank Shares Surging.
The happenings of the Yes Bank crisis led the Yes Bank shares to plummet and trade at as low as Rs. 6 per share.
However, the shares are overcoming the huge plummet and have increased since then. The closing on Mar 10, 2020 was Rs. 21.25 per share. Since then, YES Bank Ltd. the share price moved up by 28.94% from its previous close. The current trading price, as we write is Rs 27.50 per share.
Another reason for the price surge would be Yes Bank opening the IMPS, NEFT services for the customers to make payments Yes Bank.
As Prashant Kumar is hopeful to overthrow the moratorium by this Saturday, the Yes Bank share price tends to fluctuate.