Money & Banking

Social media rumours: YES Bank files complaint with Mumbai Police, cyber cell

Our Bureau Mumbai | Updated on October 06, 2019

Seeks the origin of fake news and short-sell positions

Private sector lender YES Bank on Sunday said it has filed a complaint with the Mumbai Police and the cyber cell regarding spread of rumours and fake news about the bank on WhatsApp and other social media platform.

YES Bank has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons, it said in a statement.

“Over the past few days some miscreants have been spreading false information and malicious rumours about YES Bank on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors,” it said.

The messages try to portray the bank in poor light and intended to “tarnish” its image in the eyes of its depositors, stakeholders and the general public, it added.

YES Bank’s scrip has been under pressure this year.

Its share price fell by nearly 23 per cent on October 1, which the lender later clarified was due to sale of pledged shares. It recovered by 33 per cent on October 3. The scrip closed at ₹42.15 apiece on the BSE on October 4.

Capital raising plans

YES Bank’s Managing Director and CEO Ravneet Gill has underlined that the lender is in strong financial position and will raise growth capital soon.

“The bank remains committed to protect the interest of all its valued stakeholders and promises to take strong steps against the fear and panic mongers,” YES Bank said, urging its customers to be cautious of false information circulating against it.

Concerned by the falling share price, YES Capital Morgan Credits Private Ltd had also written to the stock exchanges, RBI and SEBI recently raising concerns over heightened speculation and short selling of the private sector lender’s scrip.

Published on October 06, 2019

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