daily stock picks

sbi share price tanks nearly 11% on reports of yes bank stake buy

Friday, Mar 6 2020 11:16AM

Share price of State Bank of India (SBI) fell nearly 11 percent intraday on March 6 following report it is picking up stake in Yes Bank.

According to CNBC-TV18 sources, SBI and LIC are likely to each pick up 24.5 percent stake in the Yes Bank and likely to appoint a new MD for Yes Bank and get the board control.Kotak Institutional Equities has maintained buy rating with a target at Rs 420 per share.

Broking house believes that SBI is the best proxy to invest in the corporate NPL recovery theme as it offers the best risk-reward.

A financial investment can ideally limit the loss as compared to a merger, it added.

At 10:40 hrs State Bank of India was quoting at Rs 269.50, down Rs 18.80, or 6.52 percent on the BSE.


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