Penny Stock Yes Bank: 3-Year Lock-in Period Ending Soon, Key Level to Watch Out For
Things You Should Know about YES BANK before 6 March 2023!
Yes Bank is a private sector bank with a market cap of around Rs 50,000 crore. The Bank is engaged in providing banking services that include corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking and wealth management.
The headline news in the stock is that investors' 3-year lock-in period is about to end on March 06, 2023. As on December 2022, majority of the stake i.e., 76.73 per cent is held by Domestic Institutional Investors (DIIs) and Public shareholders that include State Bank of India (26.14 per cent), ICICI Bank Ltd (2.61 per cent), LIC (4.34 per cent), HDFC Ltd (3.48 per cent), Axis Bank Ltd (1.57 per cent), IDFC First Bank Ltd (1 per cent), Kotak Mahindra Bank Ltd (1.32 per cent), while Foreign Institutional Investors (FIIs) holds around 23 per cent in which Ca Basque Investments and Verventa Holding Ltd together hold the lion’s share of about 13 per cent.
The stock has rallied 338 per cent return in the last 3 years from the lows of March 2020 and made a high of Rs 24.75 in December 2022. From the previous year’s high it has retreated nearly 30 percent of the rally and bounced from its long-term support of 200DMA.
In the last week, the stock has surged nearly 16 percent and currently, it is trading around Rs 17 with a fall of more than 2 per cent. Thus, in the coming days, the 200-DMA shall keenly be watched, as this is a strong support level for the stock. As long as this support is intact, there would be hope of re-testing the higher levels.