Yes Bank’s senior group president resigns, stocks rebound

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Mumbai, Oct 3 (IANS) Yes Bank’s senior group President Rajat Monga who was with the company since its inception in 2004 resigned on Thursday.

Meanwhile, a sharp rebound was seen in Yes Bank shares after the company on Wednesday issued clarification about its financials, which it described as “intrinsically sound and stable with liquidity position well in excess of regulatory requirements”.

The private lender shares jumped by nearly 28 per cent to Rs 40.95 apiece during the early trade on Thursday, just a day after a massive sell-off over the lender’s exposure in troubled India Bulls Housing Finance was severely punished by the investors. It touched its 52 week low of Rs 29.05 a piece on October 1.

In a separate exchange filing on Thursday the directors of Yes Bank Promoter Group Companies – Morgan Credits Pvt Ltd (MCPL) and Yes Capital Pvt Ltd (YCPL) said that the decision to divest our shares at undervalued share price levels, considerably below even the book value was taken under compelling circumstances with the sole purpose of deleveraging MCPL and YCPL.

“To our extreme disappointment, we were informed late yesterday, 1st October, that Reliance Nippon Life Asset Management Ltd (RNAM) vide the appointed trustee Milestone had invoked and-sold all our balance pledged Promoter shares for MCPL in the open market,” the statement read.

–IANS

ravi/sn/rs

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