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Rakesh Jhunjhunwala buys 0.51% stake in YES Bank for Rs 87 crore

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Ace investor Rakesh Jhunjhunwala on Monday bought 1.30 crore shares or 0.51 percent stake in private lender YES BankNSE -0.68 %, bulk deal data showed.

Jhunjhunwala picked up shares at Rs 67.10 per share, putting the deal value at around Rs 86.89 crore.

Shares of YES Bank closed at Rs 66.10, down 0.50 per cent or 0.75 per cent against 0.34 per cent rise in BSE Sensex.

Meanwhile, brokerages are bearish on the stock.

Morgan Stanley cut its price target for the stock to Rs 40 from Rs 55 earlier. Citi has reduced its target to Rs 50 from Rs 80. CLSA has slashed its target for the stock to Rs 75 from Rs 110. Goldman Sachs sees the stock at Rs 62. Macquarie target has kept its target unchanged at Rs 50.

YES Bank is in the process of raising $1.2 billion.

Source: https://www.bseindia.com/markets/equity/EQReports/bulk_deals.aspx

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Abhishek Vohera

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