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Yes Bank stocks may plunge on Friday as RBI supersedes board

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Mumbai, March 5, 2020 –

Share prices of cash-strapped Yes Bank may see a sharp downturn on Friday as the Reserve Bank of India has superseded its Board of Directors for a period of 30 days owing to serious deterioration in the financial position of the bank.

Rahul Sharma, Business Head at Equity99 said that investors may take short positions on Friday. A short position refers to a trading technique in which an investor sells a security with plans to buy it later.

“It’s for sure that tomorrow, Yes Bank is going for a sharp fall,” Sharma said.

On Thursday, its shares rose around 26 per cent on reports that the country’s largest bank State Bank of India (SBI) may take up stake in Yes Bank.

RBI supersedes Yes Bank board, to draw up reconstruction plan in 30 days

SBI holds meeting with LIC, may pick 49% stake in Yes Bank

‘SBI need not pay more than Re 1 for Yes Bank share’

According to people in the know, the State Bank of India on Thursday held its board meeting over its purchase of stakes in Yes Bank, and will make an announcement in a day. They also said the lender will remain a private sector bank even after the SBI-led consortium’s stake acquisition.

On the BSE, shares of Yes Bank settled at Rs 36.85 on Thursday, higher by Rs 7.55 or 25.77 per cent from its previous close

Sharma further told IANS that public does not currently hold confidence with the current market scenario and sentiments are really week globally and in India, which keeps the outlook bearish.  (Agency)

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