Yes Bank shares rise after spurt in volume. Buy, sell or wait?
₹17.60 apiece levels, logging around 5.50 per cent steep rise from its intraday low of ₹16.70 apiece on NSE. The privat4e bank stock witnessed big spurt in trade volume as well.
As per the information available on BSE website, Yes Bank shares witnessed spurt in volume by more than 3.24 times during Friday deals. According to stock market experts, Yes Bank share price ascended on Friday after the media reports about the end of two year long tussle between media mogul Subhash Chanda and Yes Bank.
They said that some sections of media have reported that Subhash Chanda and JC Flowers Asset Reconstruction Company — the asset reconstruction arm of Yes Bank, have sealed a deal in which Subhas Chandra will repay the outstanding debt to the asset restructure company (ARC). In this deal, the ARC has take a cut of near 75 per cent and now Subhash Chanda would pay ₹1500 crore instead of ₹6500 crore.
They said that market went buzz after this report and heavy buying was witnessed in Yes Bank shares during Friday session. Speaking on the reason for spurt in volume of Yes Bank shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank shares witnessed heavy buying interest on Friday after some media reports about Subhash Chanda and JC Flower ARC ending near two year tussle of debt repayment.
These reports say that Yes Bank's asset restructuring arm has taken a cut to the tune of 75 per cent and now Subhash Chandra would pay ₹1500 crore instead of ₹6500 crore. But, this ₹1500 crore would be paid in one time." On technical of Yes Bank shares, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Yes Bank share has indicated a bullish positive candle on the daily chart after a short
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