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Yes Bank gains 10% in 2 days
Struggling Yes Bank topped the Nifty50 table, advancing nearly 4 per cent on Friday. However, market analysts say that these gains will be short-lived until a concrete step is taken to rescue the bank.
Mumbai: Struggling Yes Bank topped the Nifty50 table, advancing nearly 4 per cent on Friday. However, market analysts say that these gains will be short-lived until a concrete step is taken to rescue the bank.
The shares of the fourth-largest private lender gained over 10 per cent in two sessions after SBI Chairman Rajnish Kumar said: "Yes Bank will not be allowed to fail."
Kumar had reasoned that the Yes Bank is a significant player in the market with an almost $40 billion balance sheet. At the World Economic Forum 2020 in Davos, he said: "I have a feeling that it will not be allowed to fail." Yes Bank shares closed 4.40 per cent higher at Rs 42.75 a share on Friday.
"Yes Bank needs a fresh round of funding and only that will help the bank to survive. Kumar's comment could be the same for any other bank which is not doing well as the concern is more about the banking system as a whole," said Narendra Solanki of Anand Rathi.
"Investors still do not know as to how Yes Bank will be rescued. Kumar's comment may ease the panic to some extent, but it will not result in much gains for Yes Bank until a solid proposal to revive it appears," Deepak Jasani of HDFC Securities said. Yes Bank's financials have also come under heavy scrutiny off-late.
