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
News18 English
»
1-min read

Yes Bank Stock Gains 5.5% on Reports of Exiting Asset Management Business

Yes Bank entered into the asset management business in April 2017 with Yes Asset Management, a wholly-owned subsidiary. As on 31 March 2019, the company was managing assets worth Rs 2,000 crore.

Trending Desk

Updated:May 28, 2019, 3:32 PM IST
facebookTwitterskypewhatsapp
Yes Bank Stock Gains 5.5% on Reports of Exiting Asset Management Business
Image for representation. (Photo Reuters)
Loading...

Shares of Yes Bank rose as much as 5.5% in intraday trade on Tuesday after a media report said that the bank is likely to exit the asset management business amid intensifying competition in the space.

Yes Bank entered into the asset management business in April 2017 with Yes Asset Management, a wholly-owned subsidiary. As on 31 March 2019, the company was managing assets worth Rs 2,000 crore.

The report said that Yes Bank could either sell the business to another asset manager, or wind it up over a period of time. “The business hasn’t been able to expand much,” a person familiar with the matter told Economic Times. “Either Yes Bank has to sell the business, which is too small for some big player to be interested in, or it may have to wind it down over a period of time. It just doesn’t make sense to continue with it, given the priorities,'” the person added.

Yes Bank, however, in its response, denied that it was considering an exit from the asset management business. “Yes Bank’s subsidiaries are core to extending the bank’s product offerings and reach,” a spokesperson was quoted as saying in the report.

According to the report, Yes Bank entered into an investment management agreement with Yes Trustee Ltd to act as the investment manager for any funds to be launched by Yes Mutual Fund. It obtained the Securities and Exchange Board of India’s nod to launch mutual fund operations on 3 July 2018. Yes Mutual Fund launched its first Scheme, Yes Liquid Fund, in January 2019.

Yes Bank is currently undergoing a massive balance sheet clean-up task under new chief executive Ravneet Gill. The bank posted a whopping Rs 1,506 crore net loss for the March quarter as provisions soared over nine times.

At 2:54pm, shares of Yes Bank were trading 3.8% higher at Rs 152.50 apiece on BSE.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Indiabulls Hsg 672.25 -3.18
Yes Bank 115.05 -1.75
IndusInd Bank 1,426.80 -4.17
GRUH Finance 291.70 -5.01
Reliance 1,317.55 -0.73
Company Price Change %Gain
GRUH Finance 291.85 -5.40
Indiabulls Hsg 672.10 -3.20
Yes Bank 115.35 -1.58
Larsen 1,529.15 0.80
IndusInd Bank 1,425.10 -4.36
Top Gainers
Company Price Change %Gain
Bharti Infratel 275.05 1.36
Sun Pharma 392.55 0.72
Vedanta 169.55 0.65
Larsen 1,526.30 0.58
Power Grid Corp 194.60 0.39
Company Price Change %Gain
Larsen 1,529.15 0.80
Vedanta 169.60 0.74
Sun Pharma 392.35 0.58
Power Grid Corp 194.60 0.44
TCS 2,252.30 0.09
Top Losers
Company Price Change %Gain
Zee Entertain 336.50 -4.57
IndusInd Bank 1,426.80 -4.17
Indiabulls Hsg 672.25 -3.18
Bharti Airtel 353.30 -2.87
Axis Bank 801.20 -2.31
Company Price Change %Gain
IndusInd Bank 1,425.10 -4.36
Bharti Airtel 353.30 -2.74
Axis Bank 800.15 -2.39
Kotak Mahindra 1,473.80 -2.10
Tata Motors 164.10 -1.97

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results