Yes Bank shares rally in 2nd consecutive session, up over 35 percent

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Shares of Yes Bank continued to gain for the second consecutive session on Wednesday, rallying over 35 per cent, as investor sentiment turned positive after SBI said it will buy 49 per cent stake in the cash-strapped lender. The scrip spiked up to 38.5 per cent to Rs 29.45 on the BSE. It settled 35.53 per cent higher at Rs 28.80.

On the NSE, the scrip traded with a maximum gain of 39.29 per cent at Rs 29.60. It closed 36.71 per cent up at Rs 29.05. The scrip managed to hit upper circuit thrice during the day on the BSE.

Over 41 crore shares of Yes Bank were traded on the NSE and 3.2 crore units on the BSE.

In the previous session on Monday, shares of the lender settled 31.17 per cent higher at Rs 21.25. It has gained more than 77 per cent in the last two trading sessions.

Financial markets were closed on Tuesday for Holi. State Bank of India (SBI) had on Saturday announced it will pick up 49 per cent stake in Yes Bank for Rs 2,450 crore.

"Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank," SBI said in a statement.

Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor. 

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