Business News | Yes Bank Shares Up Marginally as SBI's Three-year Lock-in Period Ends Today
Get latest articles and stories on Business at LatestLY. In the morning, shares of SBI surged about 0.45 per cent to Rs 563.30 apiece while in a span of five days, it had climbed about 7.56 per cent. On Friday, SBI shares gained 5 per cent and ended at Rs 561 apiece on Friday. Shares of Yes Bank had surged 2.73 per cent in a span of five days.
Mumbai (Maharashtra) [India], March 6 (ANI): The shares of Yes Bank were trading in the positive territory as stocks went up 0.60 per cent on Monday morning as the three-year lock-in period of the largest commercial lender in the country ends today.
In the morning, shares of SBI surged about 0.45 per cent to Rs 563.30 apiece while in a span of five days, it had climbed about 7.56 per cent. On Friday, SBI shares gained 5 per cent and ended at Rs 561 apiece. Shares of Yes Bank had surged 2.73 per cent in a span of five days.
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The experts in the markets are of the view that the State Bank of India won't trim much of its stake in Yes Bank. As a matter of fact, other banks along with SBI invested in the private bank to help it tide against the bad loan crisis three years ago.
Similarly, the three-year lock-in period of other banks, namely Axis Bank, IDFC First Bank, ICICI Bank, HDFC Bank, and Kotak Mahindra Bank, among others, will end on March 13, 2023. The experts are saying it might trigger a sell-off when these banks book profit when the period ends.
According to the experts, these banks and the largest bank might wait till the results of the fourth quarter (December quarter) of the financial year 2022-23 (FY23).
These banks, according to them, may have to wait till then to book profit and trim some of their holdings in the Mumbai-headquartered private lender. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)