November 1, 2018 / 7:38 AM / 6 months ago

BUZZ-India's Yes Bank surges most in 3 wks, top pct gainer on NSE

** Shares of private sector lender Yes Bank Ltd surge 8.5 pct to 204 rupees, marking their sharpest intraday gain since Oct. 11

** Stock is the top pct gainer on the NSE index, which is down 0.12 pct as of 0727 GMT

** “Investors are relieved as Yes Bank was not named by IL&FS among its top 5 creditors in its NCLT filing,” said Asutosh Mishra, banking sector analyst at Reliance Securities

** Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has defaulted on some of its debt, sparking fears of contagion in Indian markets

** In a filing here on Wednesday that plots its revival plan to a company law tribunal, IL&FS named State Bank of India, Bank of Baroda, Power Finance Corporation, Bank of India and IndusInd Bank as its top 5 creditors

** “There is some comfort on the front that Yes Bank’s exposure (to IL&FS) is mainly secured and that loss from the exposure could be contained,” said an analyst who did not want to be named

** About 48 mln shares of Yes Bank trade, vs the 30-day moving avg of 68.3 mln shares

** Stock down 40.31 pct this year as of last close

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