Shares of Yes Bank on Wednesday surged 13.5 per cent on reports that Paytm is in discussions to buy a stake in the private bank from co-founder Rana Kapoor.

On the BSE, the scrip rose 13.47 per cent to close at Rs 71.60. During intra-day trade, it gained 14.97 per cent to Rs 72.55. Similarly, on the NSE, the counter climbed 12.99 per cent to close at Rs 71.30.

The stock was the top gainer on the Sensex and Nifty during the day.

Following the steep rise in its shares, the market valuation rose Rs 2,168.22 crore to Rs 18,260.22 crore on the BSE.

The gains came even as Yes Bank said in a late evening filing with the stock exchanges that the news reports pertaining to the sale were “speculative” in nature.

Meanwhile, a spokesperson from Reliance Nippon Asset Management (RNAM) said the fund house “has not given any consent and is not in discussions with anyone about the Yes Bank pledged shares”. This was in response to reports that Kapoor has taken approval from RNAM for the proposed sale.