Yes Bank says no truth in rumour of stake buy in JM Financial

Last Updated: Wed, Jan 02, 2013 11:40 hrs

REUTERS - The chief executive of Yes Bank denied it was looking to purchased a stake in JM Financial after market talk drove up shares of the financial and leasing services firm by as much as 12 percent on Wednesday.

"No such discussion or proposition has ever transpired," said Rana Kapoor, chief executive officer and managing director at Yes Bank.

He added that 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 percent, 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 percent as part of a wider rally in banking stocks.

(Reporting by Suvashree Dey Choudhury; Editing by Sunil Nair)

More from Sify: