Yes Bank share price jumps 3% on efforts for mutual resolution of CEO Rana Kapoor with Madhu Kapur and family

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Published: November 21, 2018 9:38:52 AM

Yes Bank share price gained more than 3% on Wednesday morning, after the firm announced that efforts are underway for mutual resolution with Ms Madhu Kapur & family, the Co-promoter of the Bank.

Yes Bank share price zoomed more than 3.33% in the morning trade to day’s high of Rs 198.50.

Shares of private sector lender Yes Bank gained on Wednesday morning, after the firm announced that efforts are underway for mutual resolution with Ms Madhu Kapur & family, the Co-promoter of the Bank. Yes Bank share price zoomed more than 3.33% in the morning trade to day’s high of Rs 198.50. “It is being reported by the MD&CEO, Shri Rana Kapoor who is also the largest shareholder and promoter of the Bank, that efforts are underway for mutual resolution with Ms. Madhu Kapur & family, the Co-promoter of the Bank. This is intended to ensure better support and coordination by the 2 promoter groups with the Board of Directors of the Bank,” Yes Bank said in a statement on the exchanges.

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Yesterday, Yes Bank shares slipped over 6% after the bank’s non-executive independent director R. Chandrashekhar stepped down from the board with immediate effect. “We would like to inform that Mr. Rentala Chandrashekhar, Non-Executive, Independent Director has tendered his resignation from the Board of Directors of Yes Bank on November 19, 2018 with immediate effect,” the private sector lender said in a regulatory filing late on Monday.

This is the third resignation from Yes Bank’s board since last week. The bank had initially cited personal reasons for Chandrashekhar’s resignation. It had then revised the statement on the exchanges to exclude the terms “due to personal reasons.” The shares had dropped by about 13% in the last 8 sessions alone follwing high profile resignations. 

The private sector lender is currently going through a transition phase after the RBI in September refused to grant an extension to current MD and CEO Rana Kapoor. Since September 19 — when the RBI first curbed Kapoor’s term — Yes Bank shares are currently down nearly 40%. The private bank’s scrips saw their biggest intra-day plunge in over a decade on September 21 after the RBI curtailed Rana Kapoor’s term until January 31, 2019. The shares slumped to a fresh 52-week low of Rs 165 on September 28 on the NSE.

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