In 7 sessions, YES bank surges over 1000%

Recently after the whole incident of YES bank, the shares of the bank has surged over 1000% in total of seven sessions after the eight lenders finally agreed to a bailout package along with the State bank of India.

On tuesday, the newly appointed management said that YES bank is going to resume the normal operations from Wednesday by 6PM onwards and it will have no liquidity problem as things stand. Yes bank administrator, Prashant Kumar said-We have reasons to believe why customers will rush to withdraw their deposits. In any case we have sufficient funding lines to meet any requirement,”

The largest investor of the private sector, Rajnish Kumar, chairman of SBI said at their press conference-”BI remains committed to the investment and will not sell any part of its stake before a three-year partial lock in period ends . The three-year lock in was part of the rescue efforts to ensure that the lender remains well capitalised.”

Recently on Monday, the reserve bank of India also assured the depositors of YES bank that all their money is safe and you do not have to withdraw the cash in panic.

Emkay research said-“We believe that the current moratorium on deposit withdrawal and capital infusion are just a first step toward the revival of Yes Bank and thus avoid systemic risk for the entire financial sector and economy in current testing times,”

On Saturday, YES bank reported the total lostt of INR 18,564 crore by the quarter that ended 31st December,2019.