The stock boomed more than 1000 percent in a dire downturn

New Delhi, March 17, 2020 Tuesday

On the one hand, due to the corona, the stock market is facing a downturn, while Yes Bank's stock is seeing a boom. Even today, after touching a historic low of Rs 5.65 a decade ago, the stock touched a high of Rs 63 today.

Yesterday, Moody's revised Yes Bank's grading and saw a 73% gain in the same day. In the last ten days, the stock has seen a gain of over 1000%, reaching Rs 5.65.

At 10.57 hours, the stock was trading 73% higher at Rs 64.15. It gained 151 percent in three trading sessions on Tuesday.

Moody's says that Yes Bank's long-term rating is upgraded from CAA3 to CAA1. The stock is gaining momentum following the recently announced bailout package to save the bank.

Seven banks, led by SBI, have to invest Rs 10,000 crore in Yes Bank. Yes Bank will start all its facilities from 6pm on Wednesday. The RBI governor said yesterday that if needed, additional help will be given to Yes Bank.

It is worth mentioning that, ten days ago, the RBI placed control over Yes Bank, which has been in trouble for many years.

Account holders were banned from collecting cash withdrawals of more than 50 thousand rupees. Due to this, there were lines of Yes Bank's branches across the country, and panic among the landlords.

However, within a few days the situation has worsened and Yes Bank is set to resume its operations normally. Apart from SBI, top banks like HDFC, Kotak Mahindra are also investing capital in Yes Bank.

The lock-in period will be three years. Rana Kapoor, a one-time promoter of Yes Bank, is currently in the custody of ED, and is also calling Tawai on the non-payment of billions of rupees from Yes Bank.