The chief executive of India’s YES Bank denied it was looking to purchase a stake in JM Financial after market talk drove up shares of the financial and leasing services firm by as much as 12 per cent on Wednesday.
“No such discussion or proposition has ever transpired," said Rana Kapoor, chief executive officer and managing director at YES Bank. He added YES already has a retail broking licence and has applied to the Indian central bank for a licence in retail asset management.
Shares in JM Financial Ltd ended up 10.7 per cent, after earlier rising to its highest intraday level since June 2011. Multiple traders cited rumours of an impending stake purchase from YES Bank as the reason. YES Bank shares rose 2.3 per cent as part of a wider rally in banking stocks.