Rana Kapoor gets emotional on Twitter, says ‘Diamonds are forever, will never sell a single Yes Bank share’

Amid the ongoing plunge in Yes Bank shares after RBI curtailed CEO Rana Kapoor’s term, the veteran founder CEO has tweeted that he will never sell his shares even after he leaves the office. Notably, the bank has also denied any “window dressing” of corporate loans to conceal its non-performing asset (NPA) status. In a filing with NSE, Yes Bank has also denied allegations of inflating share price or parallel dealings with “Three Sisters Family Office”, which manage personal investments of Rana Kapoor and his family.

“The bank has been regularly making disclosures in terms of SEBI circular on “Disclosure of divergences in the asset classification and provisioning by banks” dated July 18, 2017….As mandated and required under regulations, the bank has been making all disclosures to stakeholders on NPA divergence related findings made by the regulator,” Yes bank said in the statement.

Even after I demit office as MD & CEO of YES BANK, I will never ever sell my @YESBANK shares

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— Rana Kapoor (@RanaKapoor_) September 28, 2018

In an emotional outburst, Rana Kapoor said in a series of tweets that Yes Bank shares are invaluable to him. “Diamonds are Forever: My Promoter shares of @YESBANK are invaluable to me. I will eventually bequeath my @YESBANK Promoter shares to my 3 daughters and subsequently to their children, with a request in my Will stating not to sell a single share, as Diamonds are Forever!!” he said. Yes Bank shares closed at Rs 184.1, down by more than 9%.

Diamonds are Forever: My Promoter shares of @YESBANK are invaluable to me

— Rana Kapoor (@RanaKapoor_) September 28, 2018

RBI’s decision to cut short Rana Kapoor’s tenure has impacted the bank’s share price significantly. On September 17, RBI curtailed the CEO’s term to January 31, 2019 without citing any reasons. Notably, Yes Bank shares have plunged by more than 48% in the last since September 19th. In its board meet on September 25, Yes Bank’s board decided to request the central bank to extend Kapoor’s term till September 2019. However, analysts say that RBI is unlikely to accede to this request.