Yes Bank Shares Skyrocket Today: What's Going On?

Yes Bank‘s share price surged over 9% today to hit an intraday high of ₹16.80. The surge today comes as the private lender is scheduled to release its Q4 earnings later this week.

What Happened: The company last week submitted its shareholding data to the exchanges. As of March 31, 2023, the debt-ridden bank has over 50 lakh shareholders – the most for any stock listed in India. It is also the first stock to cross the 50 lakh landmark. The number was 48 lakh at the end of the December quarter. As per the data, around 49.7 lakh of the total investors are those with investments up to ₹2 lakhs.

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The latest shareholding data shows that mutual funds have drastically cut their stake in the private lender. At the end of the March quarter MFs held a 0.12% stake in the company down from 0.47% at the end of the December quarter. FPI’s also cut stake marginally from 23.24% in December to 23.1% in March quarter.

State Bank of India continues to be the largest shareholder in the troubled bank with a 26.14% stake. LIC also held on to its 4.34% stake in the lender. ICICI Bank holds a 2.61% stake in the bank and Axis Bank has a 1.57% stake.

Price Action: Yes Bank’s share price was up 9.12% to close at ₹16.75 on Tuesday.

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