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Yes Bank Shares Close Higher As Lender Acquires 17% Of Fortis Shares

Yes Bank shares jumped to a high of Rs 321.5 on Wednesday against the previous session closing of Rs 313.10.

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Yes Bank Shares Close Higher As Lender Acquires 17% Of Fortis Shares

Yes Bank shares jumped to a high of Rs 321.5 on Wednesday


Yes Bank shares rose on Wednesday despite all other banks posting heavy losses, a day after the RBI banned the practice of letters of undertaking (LOU). On Tuesday, the RBI had banned the practice of issuing letters of undertaking (LOUs) by lenders to prevent the recurrence of PNB-like frauds that is given an valuation of around Rs 13,000 crore involving Nirav Modi and Mehul Choksi. Yes Bank shares jumped to a high of Rs 317.8 on Wednesday against the previous session closing of Rs 313.10. Yes Bank shares closed 1.85 per cent higher at Rs 318.9 and 1.66% per cent higher at Rs 318 on the NSE.

Here are five things to know about Yes Bank shares:


1. It is noteworthy that Yes Bank posts maximum gained among Sensex stocks on a day when the 30-scrip BSE benchmark index closed lower.

2. The 52-week high for Yes Bank shares is Rs 383 achieved on September 21, 2017, while the 52-week low is Rs 275 achieved on May 23 last year.

3. Yes Bank shares opened at Rs 313 and jumped to Rs 321.5 on the BSE. On the NSE, Yes Bank shares rose to Rs 321.90, nearly 2 per cent higher than the previous closing.

4. Yes Bank shares rose on account of bank acquiring 8.9 crore Fortis shares after the promoters failed to pay the loans. In a stock market filing on Tuesday, Yes Bank wrote, "We would like to inform you that Yes Bank has acquired 89,781,906 equity shares, constituting 17.31% of the paid up capital, having nominal value of Rs 10 per share of Fortis Healthcare, pursuant to invocation of pledge on the said equity shares subsequent to default by promoters group companies in the credit facility provided by the bank."

5. Besides Yes Bank, other gainers among Sensex stocks are Maruti, Axis Bank, SBI, as they trade up 0.9% higher. Among the Sensex losers are Hero MotoCorp, Tata Steel, ONGC and HDFC that closed upto 2% lower.

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