One big move on one particular day and there is — HOPE.
It has happened so many times in the past. But we fail to learn that HOPE does not work in the market.
YESBANK fall from the highs has been painful.
After the initial 50% fall between August 2018 to November 2018, people averaged at various prices.
When Ravneet Gill’s appointment as CEO was approved by RBI in February 2019, the stock price rallied smartly in a single day.
Nothing happened after that.
Decline continued and the worst happened on March 06, 2020 when the lowest ever price was seen.
There was a good recovery from there. Not good recovery, a grand recovery.
From Rs. 5.65 to Rs. 87.30 in 9 trading days. This is more than 1500% gain.
Even with this kind of gain, the stock was not anywhere near its highs.
The fall continued after that and the current move is yet another flash in the pan.
It will fizzle out soon and the stock price will move in the same range for a long time eventually to move lower.
There is nothing YES about YESBANK.
It has been truly beaten down and it has stayed beaten down.
These are my views about this stock since last two years and I have already posted a number of answers here.
Pramod Kumar's answer to After 2025, will the Yes Bank stock price cross Rs. 1,000?
Pramod Kumar's answer to I am planning to buy 10,000 Yes Bank shares at 13.5. What are the chances of it reaching 135 in the next ten years? Pramod Kumar's answer to Is 2021 a good year to invest in Yes Bank shares?
Thanks for reading.
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