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Jhunjhunwala fails to revive YES Bank stock price

Hans India 2019-11-07 23:01:38

Hyderabad: Investors were disappointed to see almost neglible movement in YES Bank stock price especially after a high networth individual like Rakesh Jhunjhunwala, picking up a minor stake in the bank.

Just days ago YES Bank shares spiked up over 30 per cent to touch a high of Rs 78 from around Rs 50.

But analysts believe the counter is still witnessing selling pressure and lacks investor trust, which is the key reason for the share price not moving up sharply, despite regular commentary by the bank management and Jhunjhunwala's recent stake buy.

Usually, news of the high networth Jhunjhunwala picking up stake in any company is followed by a massive rally in the counter, as it gives investors confidence about the fundamental story behind the company.