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SBI gains over 3% following plans to reduce its stake in Yes Bank

SBI stock gained 3% in early trading Friday on news that the bank may reduce its stake in Yes Bank after a lock-in period ends on March 13.

SBI initially bought 49% of Yes Bank and currently holds 26.14% stake as of December 31, 2022.

Other lenders such as ICICI Bank, Axis Bank, IDFC FIRST Bank, Kotak Mahindra Bank, and HDFC also intervened to save Yes Bank.

Analysts expect positive momentum to continue with rupees 570 as the next resistance and rupees 530 as the support level.

The stock has gained 29.68% from 52-week low of 425.0 on March 8, 2022.

43 analysts have recommended 'strong buy' for the stock.

The Reserve Bank of India replaced Yes Bank's board in March 2020.

SBI intervened to save Yes Bank alongside other lenders.

The investment is up 70%, post RBI permission for such stake reduction

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State Bank of India gains over 3% following plans to reduce its stake in Yes Bank

As per the stock exchange data, SBI initially bought 49% of Yes Bank, and currently holds 26.14% stake as of December 31, 2022.

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State Bank of India gains over 3% following plans to reduce its stake in Yes Bank

As per the stock exchange data, SBI initially bought 49% of Yes Bank, and currently holds 26.14% stake as of December 31, 2022.

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