Yes Bank falls 7% even as RBI approves Rana Kapoor as MD till further notice
Moneycontrol News
Shares of Yes Bank fell almost 7 percent on Friday even as clarity emerged on its MD Rana Kapoor’s reappointment. Late on Thursday, the bank told exchanges that the Reserve Bank of India (RBI) had approved the continuance of Kapoor to lead the bank till further notice. Analysts are wary of the uncertainty around this appointment too.
The stock touched an intraday high of Rs 350.00 and an intraday low of Rs 338.00.
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In June this year, Yes Bank's shareholders had approved the re-appointment of Rana Kapoor as the chief executive and managing director for three years, subject to final approval from the Reserve Bank of India.
"We wish to inform you that the Bank has received the RBI's approval that Rana Kapoor may continue as Managing Director & CEO of YES Bank till further notice from RBI," the bank said in a regulatory filing.
Kapoor is the Founder, Managing Director and CEO of Yes Bank. Prior to establishing Yes Bank, Kapoor was CEO and Managing Director, and main Managing Partner of Rabo India Finance (RIF) (a corporate finance and investment banking organisation).
At 11:18 hrs Yes Bank was quoting at Rs 340.00, down Rs 21.90, or 6.05 percent, on the BSE.
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