Market

Yes Bank shares slide; Investors wait for RBI nod on Rana Kapoor's reappointment as CEO

Updated : August 30, 2018 11:20 AM IST

Nifty Bank was down by 197 points, or 0.70 percent, to 28,026.

Rana Kapoor's tenure at the corproate lender ends on August 31.

Yes Bank shares slide; Investors wait for RBI nod on Rana Kapoor's reappointment as CEO

Yes Bank shares fell again on Thursday, as the Reserve Bank of India's (RBI) approval for its founder chief executive officer (CEO) Rana Kapoor's reappointment for another three years still remains elusive.

The speculation over Kapoor's future at the bank has fueled anxiety and the stock has underperformed for the last three days, dipping 5.06 percent during the period. Rana Kapoor's tenure at the corproate lender ends on August 31.

The RBI earlier did not clear a three-year term for Axis Bank CEO Shikha Sharma, after reports of a high level of divergence between bad loans reported by the bank and those discovered by the banking regulator.

Yes Bank has also reported divergences of over Rs 6,300 crore in bad loans, according to a Times of India report.

At 9.52 am, the private sector bank's scrip traded at Rs 360.60, slipping lower by 1.48 percent, after opening at Rs 369.70.

The stock has traded lower than 5 day, 20 day and 50 day moving average, but higher than 100 and 200 day moving average.

Meanwhile, benchmark indexes continue to trade lower after a tepid start on Thursday. The BSE Sensex traded at 38,638.49, lower by 85 points, or 0.22 percent at 10.13 am. The broader NSE Nifty 50 shed 30 points to trade at 11,662.10, dipping 0.25 percent.

Nifty Bank was down by 197 points, or 0.70 percent, to 28,026.

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