Shares of YES Bank opened lower on Monday as State Bank of India’s (SBI) three-year lock-in period ended this week. However, the stock recovered quickly and was up 0.06% at Rs 16.87 by 2:15 pm. The Reserve Bank of India (RBI) sets the lock-in period as part of the bank’s restructuring process.

YES Bank opened at Rs 16.82 per share on Monday and closed at Rs 16.86 on Friday. Shares of YES Bank fell 3% to Rs 16.35 in opening trade. The lock-in period will end on March 13.

Shares of YES Bank are surrounded by many speculations that SBI may book at least part of its profits, which could put more pressure on the stock. Reuters reported on March 2 that SBI wanted to reduce its stake in YES Bank.

Also, in January, the Bombay High Court reversed YES Bank’s March 2020 decision to write off Rs 8,415 crore of Additional Tier 1 (AT1) bonds as part of the bailout package. It says the admin has no say.

SBI and other lenders such as ICICI Bank, Axis Bank, IDFC FIRST Bank, Kotak Mahindra Bank and Housing Development Finance Corp (HDFC) stepped in to rescue YES Bank in March 2020 after RBI replaced the YES Bank board.

SBI, which initially acquired a 49% stake in YES Bank, now holds a 26.14% stake, according to Reuters. SBI remains the largest single shareholder of the rescued bank.

However, under the redevelopment plan, SBI cannot reduce its stake below 26% until three years after the capital injection is completed.

The aforementioned lenders are authorised to hold at least 75% of the acquired shares for three years upon implementing the restructuring plan. Other existing shareholders are subject to similar restrictions.

As of end-December, ICICI Bank, Axis Bank and IDFC FIRST Bank held 2.61%, 1.57% and 1% stakes, respectively. Life Insurance Company (LIC) has 4.34%, while HDFC holds 3.48%.

Separately, Reuters also said SBI’s board is likely to meet soon to decide on the future of its stake in Yes Bank before sending a proposal to the RBI.