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YES Bank Up 6% on Value Buying after 5-Day Losing Streak

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Reversing its losing streak, YES Bank shares settled with nearly 6% gain which analysts attributed to value-buying and short-covering.

On the BSE, the scrip closed with a gain of 5.96% at Rs 45.35. On NSE, shares closed 5.84% higher at Rs 45.30. During the day, it had risen 14.01% to Rs 48.80.

The market capitalisation of the company stood at Rs 11,566.39 crore on the BSE. In terms of volume, 241.64 lakh units of YES Bank changed hands on BSE, while 39.81 crore scrips were traded on the NSE.

The counter was under selling pressure in the previous five trading sessions due to uncertainty over its USD 2-billion fund raising plan.

“YES Bank shares has been consistently witnessing selling pressure amid high speculation of asset quality concerns and its inability to raise funds. This has led to significant selling from key shareholders of the bank including its promoters,” Ajit Mishra, VP – Research, Religare Broking said.

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