Yes Bank shares surged in morning trade as banking services are set to resume for Wednesday evening.
Shares of ailing private lender Yes Bank were trading higher on Wednesday as the bank is set to resume services starting evening.
Yes Bank shares, which surged significantly on Tuesday failed to hold gains due to volatile market conditions, but the bank has made a substantial recovery in the market over the past two days, compared to when it was placed under a 30-day moratorium.
However, the revival plan for the bank was finalised in quick time as promised by the RBI. When SBI along with a group of investors agreed to invest in the ailing bank, Yes Bank shares crawled up on the stock market. And with RBI’s liquidity assurance, Yes Bank stocks surged again.
Yes Bank CEO-designate Prashant Kumar had earlier announced that there are no worries on the liquidity front at the moment and services will be restored from 6 pm today.
Kumar had said on Tuesday that complete normalcy will be restored and added that bank branches would remain open during the upcoming weekend if there is too much rush.
However, the Yes Bank shares could face hiccups on the stock markets tomorrow as a large number of account holders/depositors may withdraw their savings/cash from the bank.
While the bank has been under pressure for a few years, it now remains to be seen if the bank manages to get back on its heels under Kumar’s watch.
