Stock Market: Yes Bank Shares Jump 13% As RBI Approves HDFC Bank Proposal To Raise Holding

Stock Market:  Stock market investors rushed to buy Yes Bank's shares after the Reserve Bank of India (RBI) approved HDFC Bank Ltd's proposal to increase its total holding in Yes Bank to 9.50 per cent.

Following the development, Yes Bank shares saw strong buying interest during the early trade and opened at Rs 23.10 per share on the NSE and touched an intraday high of ₹25.70, up nearly 13 per cent during Tuesday's early trade.

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RBI's Approval

The Reserve Bank of India (RBI) approved the proposal of HDFC Bank Group to acquire its holding up to 9.50 per cent in six banks, including Yes Bank. Axis Bank, Bandhan Bank, ICICI Bank, IndusInd Bank, and Suryoday Small Finance Bank.

The approvals were issued on February 05 following HDFC's application in December 2023. RBI's approval expires on February 4, valid for one year from the date of RBI's letter. 2025

HDFC Bank shall ensure that the "total holding" in the above banks does not exceed 9.50 per cent of the paid-up share capital or voting rights of the respective banks at any time.

HDFC Bank Share

Meanwhile, the shares of HDFC Bank were trading at 1435.75 down by 0.6 per cent at around 11:07 am. The stock had seen a sharp decline after the bank did not perform well in the December quarter.

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