Yes Bank shares showed smart recovery after falling to double digits for first time in the last five years on June 20, largely because of short covering.
The stock gained 10 percent intraday, and recovered 15 percent from day’s low. It had fallen 4 percent to Rs 98.75, the lowest level since May 2014, in the morning before recovery, on top of 5.5 percent decline in the previous session amid worries over its exposure to debt-laden companies.
It shed more than 66 percent in its value in the last one year. It was quoting at Rs 112.80, up Rs 9.55, or 9.25 percent on the BSE at 1500 hours IST.
Ambareesh Baliga, Independent Market Expert told CNBC-TV18 that the bottom for Yes Bank could be around Rs 85 or so.
“We suggested buying a bit more at around Rs 110 as I don’t think Bank is shutting down due to current problems. Look at ICICI Bank, it had also a problem in the past which resolved over time. So for the next 12-18 months, Yes Bank is a great opportunity to buy now.”
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.