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Shares in Yes Bank rise as much as 7.3 per cent to ₹94.60 amid a broader sell-off in Indian shares. The stock set to snap 4-day losing streak after hitting a 5-year low earlier in the day.
At 3.25 pm, the stocks of Yes Bank were trading 5.78 per cent higher at ₹93.30.
The bank hires two veteran bankers as senior group presidents - Rajeev Uberoi will lead governance and controls, while Anurag Adlakha will lead financial management and strategy. India's 5th largest private-sector lender by assets says it “strongly refutes” speculation about its management and asset portfolio. “The financial position of Yes Bank is sound & stable and its liquidity & operating performance continue to be robust,” company statement said.
Yes Bank shares have been falling as it deals with a management reshuffle and a bad loan crisis that has plagued most Indian lenders. Last month UBS cut its price target on Yes, saying its margins would fall further due to bad loans, while Elara Securities said the proportion of below-investment grade loans in Yes Bank's portfolio was likely to grow.
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