Yes Bank Shares Surge Amidst Reports of Subhash Chandra Settlement

Yes Bank shares experienced a significant surge in value recently, fueled by reports of a potential settlement between media magnate Subhash Chandra and Yes Bank’s asset reconstruction arm, JC Flowers ARC.

Also read: YES Bank shares extend gains, stock rises 15% in three days; what do charts suggest?

Support Levels and Trading Volume Soar

Experts have identified immediate support levels for Yes Bank shares at ₹16.70 apiece, providing stability amidst the market excitement. During recent trading sessions, Yes Bank shares witnessed a remarkable increase in trading volume, surging by over 3.24 times.

Details of the Subhash Chandra Settlement

According to stock market experts, the surge in Yes Bank share price can be attributed to reports suggesting the resolution of a two-year-long debt dispute between Subhash Chandra and JC Flowers Asset Reconstruction Company, the asset reconstruction arm of Yes Bank. It is reported that Subhash Chandra will now repay ₹1500 crore instead of the initial ₹6500 crore, with the ARC accepting a significant 75% reduction in the outstanding debt.

Market Buzz and Heavy Buying

  • News of this settlement sent shockwaves through the market, resulting in heavy buying activity in Yes Bank shares during the trading session.
  • Avinash Gorakshkar, Head of Research at Profitmart Securities, explained the surge in Yes Bank shares as a response to the news of the Subhash Chandra settlement.
  • He highlighted that the reduced debt amount of ₹1500 crore would be paid in a single installment.

Technical Analysis and Future Projections

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, analyzed the technical aspects of Yes Bank shares. She noted a bullish positive candle on the daily chart, signaling a potential rise in value. The near-term target is estimated to be around ₹18.55, with further potential for growth towards ₹21 to ₹22 levels. The near-term support level remains at ₹16.70. The RSI indicator suggests a trend reversal, indicating a favorable buying opportunity in the days to come.

Impact on ZEEL Share Price and Investment Considerations

Regarding whether investors should buy Yes Bank shares, Avinash Gorakshkar advised waiting for an official statement. However, he noted that if the news proves true, it would also bode well for ZEEL share prices. This is particularly important for Zee Entertainment Enterprises Ltd as it needs to settle its outstanding debt with Yes Bank before proceeding with the Zee-Sony merger.

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In conclusion, Yes Bank shares witnessed a substantial surge driven by reports of a settlement between Subhash Chandra and Yes Bank’s asset reconstruction arm, JC Flowers ARC. This news, which includes a significant reduction in outstanding debt, sparked heavy buying and increased trading volume. Technical analysis suggests a positive outlook for Yes Bank shares. Investors are advised to await an official statement before making decisions. Additionally, the settlement has potential implications for ZEEL share prices, crucial for the Zee-Sony merger.

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