Mutual Funds bought 11.55 lakh additional YES Bank shares in February, ahead of the end of three-year lock-in expiry, data compiled by PRIME Database showed. Data showed MFs held Rs 192.86 crore worth 13,06,21,991 YES Bank shares as of February-end against Rs 189.63 crore worth 12,94,66,752 shares as of January end.
Their holding in the private bank stood at 0.45 per cent, the same as January-end but lower than 0.47 per cent at the end of December quarter.
YES Bank shares fell 31 per cent so far this calendar amid concerns big lenders, which infused Rs 10,000 crore in the private bank, three years ago, would look for partial or complete exit post the end of three-year lock-in period in March. That lock-in period ended on March 13, 2022.
Data showed a total of 26 mutual funds held stakes in YES Bank in February, including SBI Mutual Fund (Rs 55 crore), NJ Mutual Fund (Rs 48.25 crore), Nippon India Mutual Fund (Rs 34.26 crore) and Axis Mutual Fund (17.25 crore).
The scrip commands the lowest 'Buy' percentage (at mere 7 per cent) among top 100 companies. It is among the least covered stock (14 analysts) in the top 100 pack. Also, 'Sell' recommendations (64 per cent) on the stock is among the highest in the largecap pack.
Net-net, the scrip has just one 'Buy' call, nine 'sell' calls and four 'Hold' calls. The consensus target on the stock stands at Rs 17. Despite this, the stock is tracked a lot by retail investors. This is because with 47.28 lakh retail investors, who owned 642.31 crore YES Bank shares, as on December 31, 2022, YES Bank has the highest number of retail investors for any listed company on NSE, as per PRIME Database. Retail investors owned Rs 13,232 crore worth shares at the end of December quarter compared with Rs 10,052 crore as of September 30, 2022. At last count, the 22.34 per cent stake they held in the private lender amounted to Rs 9,642 crore.
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