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    Yes Bank stock jumps 41% on SBI’s announcement of Rs 2,450 crore infusion

    Yes Bank stock jumps 41% on SBI’s announcement of Rs 2,450 crore infusion

    Yes Bank stock jumps 41% on SBI’s announcement of Rs 2,450 crore infusion
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    By Anshul   IST (Updated)

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    Shares of cash-starved Yes Bank rose 41 percent on Monday after the State Bank of India (SBI) said it would infuse funds into the private sector lender. The bank's shares regained nearly 50 percent of the losses seen on March 6. 

    Shares of cash-starved Yes Bank rose 41 percent on Monday after the State Bank of India (SBI) said it would infuse funds into the private sector lender. The bank's shares regained nearly 50 percent of the losses seen on March 6.
    On the National Stock Exchange (NSE), Yes Bank shares opened higher at Rs 17 apiece and climbed to Rs 22.80 apiece, marking an intraday increase of 41.17 percent. The shares of the bank rose up to 40.74 percent on the Bombay Stock Exchange (BSE) to an intraday high of Rs 22.80 apiece.
    SBI, India's largest lender, on Saturday said it will be issued 245 crore shares at a price of Rs 10 each for Rs 2,450 crore in Yes Bank. These shares will translate into a 49 percent stake into the reconstructed bank. The banking major said it will not reduce its holding below 26 percent before completion of three years from the date of infusion of the capital.
    At 12:10 pm, Yes Bank shares traded 32.72 percent higher at Rs 21.50 apiece on the BSE, outperforming the benchmark Sensex which was down 4.25 percent.
    Last Friday, the Yes Bank stock plunged to its 52-week low after the government imposed a moratorium on the bank until April 3 on the recommendation of the Reserve Bank of India (RBI). According to the central bank order, account holders cannot withdraw more than Rs 50,000 during the moratorium period, irrespective of the number of accounts they have in the bank.
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