We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19… https://t.co/gtRhGu33u6
— YES BANK (@YESBANK) 1584341947000
Shares of Yes Bank jumped sharply by over 58 per cent after the Union cabinet approved reconstruction scheme for the stressed lender.
The scrip witnessed a strong comeback and zoomed 58.12 per cent to Rs 40.40 on the BSE. On NSE, it climbed 58.12 per cent to Rs 40.40. 112.78 lakh shares were traded on the BSE and 9.55 crore shares changed hands on the NSE during the day.
Finance minister Nirmala Sitharaman said the Union cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank.
On March 5, the Reserve Bank of India (RBI) imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor.
The RBI also superseded the board and placed it under an administrator, Prashant Kumar, former deputy managing director and CFO of State Bank of India (SBI).
Giving details about the scheme, Sitharaman said SBI will invest for 49 per cent equity in Yes Bank and other investors are also being invited.
SBI has invested Rs 6,050 crore in crisis-ridden Yes Bank.
ICICI Bank, Housing Development Finance Corp (HDFC), Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First have also joined the SBI-led consortium and invested in Yes Bank.
The cash-strapped lender had on Saturday reported Rs 18,564 crore loss in December quarter. Its gross non-performing assets also shot to 18.87 per cent in December 2019 quarter against 2.10 per cent in the year-ago.
(With PTI inputs)