RBI Approves Yes Bank's CEO Rana Kapoor's Re-Appointment, Shares Plunge 7%
Shares of private sector lender Yes Bank fell as much as 7 per cent in early trade on Friday. At 12:06 pm, shares in the company were trading at 342.40 with a loss of 19.50 points or 5.39 per cent. Shares of Yes Bank declined today after Reserve Bank of India (RBI) allowed CEO Rana Kapoor to continue in his present position till further notice. The RBI announcement came just a day before Kapoor's current 3-year term was about to end, reported news agency Press Trust of India (PTI).Â
Yes Bank on Thursday said it has received RBI's approval for the continuance of Rana Kapoor as managing director (MD) and Chief Executive Officer (CEO) of the bank till further notice from the central bank. In June this year, Yes Bank's shareholders had approved the re-appointment of Rana Kapoor as the chief executive and managing director for three years, subject to final approval from the Reserve Bank of India.
The lender had sought permission from the RBI for the reappointment of Kapoor for a period of three years starting September 2018 onward. Earlier this year, RBI denied a three-year extension to Axis Bank CEO Shikha Sharma despite board endorsing her reappointment.
Meanwhile, domestic stock indices are trading at a cautious note on Friday, ahead of the release of key GDP (Gross Domestic Product) data scheduled later in the day. At 12:06 pm, the S&P BSE Sensex slipped 58.66 points or 0.15 per cent to trade at 38,631.44. The broader Nifty50 tripped 13.50 points or 0.12 per cent to trade at 11,663.30.The Indian rupee collapsed to a fresh record low of 71 against the US dollar for the first time ever by slipping 26 paise today. (With PTI inputs)
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