SBI gains Rs 33,07,33,30,400 in just a single day from this stock; hitting a 52-week high!

This surge propelled the stock's market capitalization beyond the Rs 85,700 crore mark.

Wednesday marked a historic milestone, not solely in terms of benchmark indices, but notably for banking stocks. Firstly, Yes Bank shares soared to a fresh 52-week high of Rs 30.45 on the NSE. Closing at Rs 29.80 per share, up by Rs 4.40 or 17.32 per cent, this surge propelled the stock's market capitalization beyond the Rs 85,700 crore mark.

India's largest public sector bank, the State Bank of India, also achieved a new 52-week high on Wednesday, reaching Rs 677.95, concluding the day higher by Rs 25 or 3.84 per cent. While the uptick could be attributed to Prime Minister Narendra Modi's remarks in the Rajya Sabha regarding PSUs, there's another facet to this narrative.

Reflecting on history, in 2020, the State Bank of India played a pivotal role in rescuing Yes Bank, acquiring a 49 per cent stake in the bank's paid-up capital. Fast forward to 2024, the State Bank of India's stake has reduced to 26.13 per cent as of December 2023, equivalent to 7,516,666,000 shares of the private lender.

Considering Yes Bank's share price surged by Rs 4.40 per share, the State Bank of India realized a staggering gain of Rs 33,07,33,30,400 in just a single trading session.

Disclaimer: The article is for informational purposes only and not investment advice.