Market experts believe that SBI will not cut its stake in Yes Bank much.
Mumbai:
Shares of Yes Bank were trading in positive territory as the stock climbed 0.60 per cent today as the three-year lock-in period of the country’s largest commercial lender ended today.
SBI scrip rose nearly 0.45 per cent to Rs 563.30 in the morning, having gained nearly 7.56 per cent in a span of five days. On Friday, SBI shares gained 5 per cent and closed at Rs 561. Yes Bank shares had gained 2.73 per cent in a span of five days.
Experts of the markets believe that State Bank of India will not cut its stake in Yes Bank much. In fact, SBI along with other banks had invested in the private bank three years back to help it tide over the bad loan crisis.
Similarly, the three-year lock-in period of other banks such as Axis Bank, IDFC First Bank, ICICI Bank, HDFC Bank and Kotak Mahindra Bank will end on March 13, 2023. Experts are saying it might. When these banks book profit at the end of the period, selling starts.
If experts are to be believed, these banks and the biggest banks can wait for the results of the fourth quarter (December quarter) of the financial year 2022-23 (FY23).
According to him, these banks may have to wait till then to book profits and reduce some of their stake in the Mumbai-headquartered private lender.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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