Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Yes Bank Drops 3%; Management Reshuffle Announced

At 2:38 pm, Yes Bank shares were trading at Rs 82.55, down 7.5%, after hitting an intra-day low of Rs 81.15. Notably, the stock has crashed nearly 77% in the last one year.

Trending Desk

Updated:August 9, 2019, 10:05 PM IST
facebookTwitterskypewhatsapp
Yes Bank Drops 3%; Management Reshuffle Announced
Image for representation. (Photo Reuters)
Loading...

Yes Bank Ltd shares dropped over 9% in afternoon trade on Friday, i.e. 9 August, after the lender informed stock exchanges on Thursday evening that it was is in the process of appointing certain new key managerial personnel.

At 2:38 pm, Yes Bank shares were trading at Rs 82.55, down 7.5%, after hitting an intra-day low of Rs 81.15. Notably, the stock has crashed nearly 77% in the last one year.

Yes Bank said it would soon be appointing new chief financial officer (CFO), chief compliance officer (CCO) and chief operating officer (COO). Currently, these top positions are occupied by former MD and CEO Rana Kapoor’s trusted aides.

Though Yes Bank did not specify any reason for the top management rejig in the regulatory filing, the move is seen as a part of remedial measures taken by new CEO Ravneet Gill to fix lapses in corporate governance and credit disbursal policies, as noted by the Reserve Bank of India (RBI) last year when it had ordered the bank’s founding CEO Rana Kapoor to end his tenure.

Yes Bank’s current COO Kumar Padmanabhan joined the bank in 2015 and was part of the core team that helped set up the lender’s operations in June 2004. Rakesh Mehran is currently the CCO and has been associated with Yes Bank since 2007. Raj Ahuja, who is currently the CFO, took over his role from Rana Kapoor’s right-hand man Rajat Monga in April last year, and was reporting directly to the then-MD and CEO.

Meanwhile, Yes Bank Ltd on Thursday also said that it has launched a qualified institutional placement (QIP) offer to raise capital from institutional investors. According to various media reports, the bank is looking to raise around Rs2,000 crore through the institutional share sale.

Yes Bank has set a floor price of Rs 87.90 apiece for the share sale. “We intend to use the net proceeds for meeting our capital requirements under Basel III norms, ensuring adequate capital to support growth and expansion, including enhancing our solvency and capital adequacy ratio, refinancing of our Tier 1 and Tier 2 bonds and for general corporate purposes,” the bank said in its filings with stock exchanges.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 550.75 -0.11
HDFC 2,100.00 -0.84
Reliance 1,278.00 -0.80
Yes Bank 79.45 3.79
HDFC Bank 2,227.70 -0.08
Company Price Change %Gain
SBI 290.95 0.38
Indiabulls Hsg 551.10 -0.04
Yes Bank 79.45 3.79
Maruti Suzuki 5,975.15 2.74
SpiceJet 143.50 3.02
Top Gainers
Company Price Change %Gain
UPL 549.05 4.14
Yes Bank 79.45 3.79
Power Grid Corp 211.15 2.92
Maruti Suzuki 5,975.05 2.73
IndusInd Bank 1,439.10 2.73
Company Price Change %Gain
Yes Bank 79.45 3.79
Power Grid Corp 211.25 2.85
Maruti Suzuki 5,975.15 2.74
IndusInd Bank 1,438.25 2.70
Axis Bank 675.55 1.86
Top Losers
Company Price Change %Gain
TCS 2,165.10 -1.78
Vedanta 144.40 -1.47
HCL Tech 1,062.75 -1.25
BPCL 351.20 -0.92
HDFC 2,100.00 -0.84
Company Price Change %Gain
TCS 2,163.50 -1.87
Vedanta 144.30 -1.54
HCL Tech 1,061.65 -1.37
HDFC 2,098.75 -0.91
Reliance 1,277.40 -0.85

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results