Yes Bank shares soar after Moody's upgrade and RBI's assurance

Shares of Yes Bank on Tuesday further jumped nearly 35 per cent after Moody's upgraded the company's ratings. Rallying for the third consecutive day, the company's scrip zoomed 34 per cent to Rs 49.75 on the BSE.

On the NSE, it spiked by 34.77 per cent to Rs 50.

The scrip has jumped nearly 100 per cent in three days.

Yes Bank shares had on Monday also jumped sharply by over 45 per cent after announcement of a restructuring plan.

The rating agency upgraded the company's ratings and also changed its outlook to positive.

In a filing to the BSE on Monday, Yes Bank announced that the board of directors of the company has been approved for reconstitution, with Prashant Kumar, former Chief Financial Officer and Deputy Managing Director of State Bank of India, as Chief Executive Officer and Managing Director.

Yes Bank said it has also amended the memorandum and articles of association of Yes Bank Limited to reflect the application provisions of the Reconstruction Scheme.

The moratorium on Yes Bank, placing a withdrawal limit of Rs 50,000 on deposits, is to be lifted by 6 PM on March 18, 2020 which is much before the original date of April 3. SUM ANSANS