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Yes Bank share climbs 3% on report Brahm Dutt could be part-time Non-executive Chairman

Riding high on media report, shares of the bank gained as much as 2.91 per cent to touch an intra-day high of Rs 179.80 apiece on the Bombay Stock Exchange, after opening marginally lower at Rs 173.00.

twitter-logo BusinessToday.In   New Delhi     Last Updated: December 14, 2018  | 11:55 IST
Yes Bank share climbs 3% on report Brahm Dutt could be part-time Non-executive Chairman

Shares of Yes Bank surged nearly 3 per cent in early trade on Friday, a day after falling over 6 per cent, after a media report suggested that Brahm Dutt could be a part-time Non-executive chairman of the lender.

Brahm Dutt, who is currently serving as Independent Director of the bank, is likely to be the part-time Non-executive Chairman of the private sector lender, according to a CNBC-TV18 report.

Riding high on media report, shares of the bank gained as much as 2.91 per cent to touch an intra-day high of Rs 179.80 apiece on the Bombay Stock Exchange, after opening marginally lower at Rs 173.00.

In a similar trend, stocks of the lender were trading at Rs 178.35, up 2.09 per cent on the National Stock Exchange.

Also Read:Investors bet on Yes Bank shares ahead of board meeting; stock zooms 15% in 3 days

On Thursday, Yes Bank stock tumbled 6.48 per cent to close at Rs 174.70 apiece after the private sector lender deferred the appointment of managing director and CEO to January 9.

"The Nomination & Remuneration Committee (N&RC) and Board of Directors have finalised the recommendation for Non-Executive Part-Time Chairman position and shall be promptly seeking requisite approvals from the Reserve Bank of India," Yes Bank said in a filing to the exchange.

Also Read: YES Bank board meeting ends; stock closes lower, top loser on Sensex, Nifty

On the appointment of new MD and CEO, the lender said, "The Search & Selection Committee (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India. The SSC has discussed and deliberated on the final shortlisted external and internal candidates presented by Korn Ferry post their comprehensive interviews and assessment. The SSC will now engage with the candidates over the next few days for finalization. The final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019."

Last month, YES Bank said its board on December 13 would recommend names for new chairman to be approved by the RBI as well as consider appointment of independent directors.

Meanwhile, the benchmark index BSE Sensex was trading 65.37 points lower at 35,864.27, amid weakness in Asian markets due to weak Chinese data and global growth risks.

Edited by Chitranjan Kumar

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