Business

Yes Bank shares bounce back, zoom over 58%

Shares of Yes Bank on Monday jumped sharply by over 58 per cent after the union cabinet on Friday approved reconstruction scheme for the stressed lender.The scrip witnessed a strong comeback and zoomed 58.12 per cent to Rs 40.40 on the BSE. On the NSE, it climbed 58.12 per cent to Rs 40.40.

112.78 lakh shares were traded on the BSE and 9.55 crore shares changed hands on the NSE during the day.

Finance Minister Nirmala Sitharaman said the union cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank.

On March 5, the Reserve Bank of India (RBI) imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3.

The RBI also superseded the board and placed it under an administrator, Prashant Kumar, former deputy managing director and CFO of State Bank of India (SBI).

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