Yes Bank shares gain 4% on SEBI nod for mutual fund business

Yes Bank shares went up by 3.96% to settle at ₹348.80 on BSE. During the day, the stock soared 4.54% to ₹350.75.

Shares of Yes Bank on Thursday rose by 4% after the company received approval from capital markets regulator SEBI to start mutual fund business.

Signage for Yes Bank Ltd. is displayed at a branch in Mumbai. (Dhiraj Singh/Bloomberg)

The stock went up by 3.96% to settle at ₹348.80 on BSE. During the day, it soared 4.54% to ₹350.75.

At NSE, shares of the company jumped 3.88% to close at ₹348.60.

The stock was the top gainer on both the key indices during the day.

The company’s market valuation rose by ₹3,159.27 crore to ₹80,423.27 crore.

In terms of equity volume, 11.36 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

This approval is subsequent to the Reserve Bank of India’s (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by Securities and Exchange Board of India’s (Sebi) in-principle approval received subsequently, the bank said in a statement on Wednesday.