Yes Bank shares halt two-day slide, soar nearly 10% after lender claims fully geared up for succession plan

Shares of Yes Bank were falling for the past two days, plunging by 18 percent.

Press Trust of India October 01, 2018 18:10:44 IST
Yes Bank shares halt two-day slide, soar nearly 10% after lender claims fully geared up for succession plan

New Delhi: Shares of Yes Bank soared nearly 10 percent on Monday when the lender said it is fully geared up for the succession plan for the post of its MD and CEO and it will finalise two external experts for search committee by 7 October.

The stock zoomed 9.68 percent to end at Rs 201.20 on the BSE. During the day, it jumped 14.30 percent to Rs 209.70.

Yes Bank shares halt twoday slide soar nearly 10 after lender claims fully geared up for succession plan

Representational image. Reuters

On NSE, shares of the company climbed 8.82 percent to close at Rs 199.85.

The stock was the biggest gainer among the blue chips on both the key indices.

RBI last month curtailed the three-year term that Yes Bank's board had sought for its MD and CEO Rana Kapoor, also one of the promoters of the bank, to 31 January, 2019, and asked the bank to find a replacement.

"The bank is fully geared for the MD & CEO's succession. Pursuant to the Board of Directors meeting dated September 25, 2018, the two external experts of the Search & Selection Committee will be finalised by 7 October, 2018," Yes Bank said in a statement.

The stock was falling for the past two days, plunging by 18 percent.

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