Left Menu
Development News Edition

Yes Bank shares tumble over 8 pc; m-cap drops by Rs 2,873 cr

PTI | New Delhi | Updated: 15-05-2019 22:17 IST | Created: 15-05-2019 19:22 IST
Yes Bank shares tumble over 8 pc; m-cap drops by Rs 2,873 cr
Image Credit:

Shares of Yes Bank plummeted over 8 per cent Wednesday after the RBI appointed an additional director on the board of the private sector lender. In a rare move, the Reserve Bank of India appointed its former deputy governor R Gandhi on the board of the bank.

"This is to inform you that the Reserve Bank of India vide its letter dated May 14, 2019 informed that in exercise of powers conferred under subsection (1) of Section 36AB of the Banking Regulation Act, 1949, appointed R Gandhi, Ex-Deputy Governor, Reserve Bank of India as additional director on the board of the bank for a period of two years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier," Yes Bank said in a regulatory filing. The scrip tumbled 8.01 per cent to close at Rs 143.65 on the BSE. During the day, it plummeted 8.74 per cent to Rs 142.50 -- its 52-week low.

At the NSE, the shares tanked 8.27 per cent to close at Rs 142.95. The company's market valuation declined by Rs 2,873.42 crore to Rs 33,275.58 crore on the BSE.

The scrip was the worst hit among the frontline companies on both the Sensex and Nifty. Commenting on Yes Bank hitting 52-week lows, Mustafa Nadeem, CEO, Epic Research said, "Prices are in a bearish trend. Since the last few quarters stock has been in the news due to concern over its balance sheet, asset quality, exposure to IL&FS, directors and now RBI appointing an additional director for two years."



‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...


Latest News

Trump executive order takes aim at social media firms -draft

U.S. President Donald Trump is expected to order a review of a law that has long protected internet companies, including Twitter and Facebook , an extraordinary attempt to intervene in the media that experts said was unlikely to survive leg...

Sri Lanka facing worst financial crisis due to COVID-19 induced economic curbs: Minister

Sri Lanka is facing the worst financial crisis in the countrys history due to the economic curbs imposed after the coronavirus outbreak that has killed 10 people and infected 1,453 others, a senior minister said on Thursday. We are facing t...

Health results are good in France regarding coronavirus - PM

Health results have been good so far in France, Prime Minister Edouard Philippe said on Thursday, as the country prepares to enter a second phase in its relaxation of lockdown rules on June 2.Results are good from a health point of view, ev...

S.African state asset manager proposes Eskom debt-to-equity swap

South African state asset manager the Public Investment Corporation PIC has proposed converting its Eskom bonds into equity to help the ailing power utility emerge from financial crisis, the PICs board chairman told Reuters. Reuel Khoza sai...

Give Feedback