Shares of Yes Bank traded 4.4% higher in the intra-day on Tuesday because of the scheduled board meeting today. The meeting is to decide the plan of action in the near future
Reserve Bank of India turned down the extension request for Rana Kapoor’s tenure till August 31, 2021, has reduced the term period to January 2019. Further, The apex bank instructed to look for Kapoor’s replacement.
Yes Bank stated in a regulatory filing dated September 19, “Reserve Bank of India has vide letter dated September 17, 2018, intimated that Rana Kapoor may continue as the managing director (MD) & CEO till 31 January 2019, and the board of directors of the Bank are scheduled to meet on September 25, 2018, to decide on the future course of action,”
Yes Bank has lost 29% in the past two session post announcement. It hit a 52-week low at ₹210 in the Friday trade last week.
Rana Kapoor has been working as a Managing Director of the bank since its commencement. The Bank believes that Kapoor’s leadership has contributed significantly to the growth of the bank.
The BSE’s stock trends at 10.38AM as reported by Business Standard suggests that YES Bank was 4.4% up at ₹236. It was in a green zone in both S&P BSE Sensex and Nifty 50 index.