SBI has been asked by the government to form a consortium for stake purchase of the Yes Bank.
Shares of SBI fell as much as 5.3 percent while those of Yes Bank rose more than 17 percent intraday after reports made rounds that the former may buy a stake in the beleaguered bank.
According to Bloomberg, SBI has been asked by the government to form a consortium for stake purchase of the Yes Bank.
Also read: Govt approves SBI's plan to buy stake in Yes Bank: Report
Commenting on the development, former IBA CEO VG Kannan told CNBC-TV18 that the stake purchase by SBI should not be seen as an acquisition but rather an investment.
Banking regulators won't allow substantial stake acquisition in another bank, he added.
At 11:02 hrs, SBI was quoting 284.84, down 0.16 percent, while Yes Bank was quoting 33.10, up 12.97 percent.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
First Published on Mar 5, 2020 11:04 am
