Shares of Yes Bank Ltd surged over 13% on Friday's early session on the news that the private lender moved to the National Company Law Tribunal (NCLT) to initiate corporate bankruptcy resolution procedure against Digital Ventures Pvt Ltd, a wholly-owned entity of Zee Learn Ltd.
Digital Ventures works with other businesses to provide multimedia presentations, in addition to maintaining company websites.
According to a media report by Mint, NCLT has issued a notice to Zee Learn's arm. Similar insolvency paperwork was submitted by the private lender to the NCLT in April to start the insolvency procedure against Zee Learn. The bank claimed 468 crore rupees as the default amount.
Following the news, the stock has hit a new 52-week high record in today's trading session, and it has gained 65.70% from 52-week low of 12.1.
Further, the stock price outperformed its sector by 36.35% in the past year. The stock's weekly average delivery volume is 33.52%.
The stock is trading at a high volume of 716.0 million with price gain of 12.96.
According to Mintgenie poll, 14 analysts recommend 'sell' rating for the stock.