Shares of Yes Bank jumped more than 6 percent on Thursday to trade at Rs 199.65, adding Rs 11.55 per share in value. The stock opened at Rs 192, gaining 2.10 percent.
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The stock has been gaining for the last 4 days, rising 9.25 percent in the period as analysts are positive on its long-term valuation. However, it still trades below its 20 day, 50 day, 100 day and 200 day moving average. The stock has fallen nearly 50 percent from its 52-week high of Rs 404 seen on August 20.
Yes Bank had tanked on September 28 after the Reserve Bank of India rejected its request to extend the tenure of chief executive office (CEO) Rana Kapoor.
Furthermore, the RBI had rejected its yet another request to extend CEO Rana Kapoor’s term to at least April 2019 for smooth transition. The banking regulator asked the bank to ensure that a replacement was in place from February 1 next year.
“The Reserve Bank of India has reaffirmed that a successor to Shri Rana Kapoor, MD & CEO, Yes Bank, should be appointed by February 1, 2019. The bank’s appointed committee is targeting to complete this recruitment process latest by mid-December 2018,” ,” Yes Bank said in an exchange filing.
Meanwhile, benchmark indexes have recovered from the day's lows with the Sensex trading nearly 80 points higher, or 0.23 percent, at 34,521.69. The Nifty also traded in the green, up by 14.50 points, or 0.14 percent, at 10,401.