YES Bank shares were trading a tad lower on Wednesday after the lender announced on Tuesday that Ravindra Pandey has been appointed on its board as SBI's nominee director.
"The appointment is as per the nomination received from State Bank of India under the Yes Bank Reconstruction Scheme 2020 notified by the Ministry of Finance in March this year. He replaces Swaminathan Janakiraman, who resigned with effect from Oct. 28, 2020, "YES Bank said in a regulatory filing.
YES Bank share opened at Rs 12.30 and later hit intraday high of Rs 12.39. However, the stock erased gains and fell 0.65% to the intraday low of Rs 12.21 as against the earlier close of Rs 12.29 on BSE.
Share of the private sector lender that exited from Nifty and Sensex has declined 2% in one week, 8% in one month and 73% since the beginning of the year. YES Bank stock is trading lower than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the lender stood at Rs 30,642 crore as of today's session.
Pandey, Deputy Managing Director (Strategy) and Chief Digital Officer, SBI, is a career banker with deep domain expertise, extensive knowledge and leadership experience in digital transformation, retail, SME, corporate and international banking, during his career spanning more than three decades, it said.
The stock price of the troubled private sector lender has been on a decline since the bank reported its June-Sept quarter earnings.
Last week, the lender posted a net profit of Rs 129.37 crore for the September quarter compared with a Rs 600.08 crore loss posted for the same period last year.
On a quarter-on-quarter (QoQ) basis, profit jumped 183% against Rs 45.44 crore in Q1 of current fiscal. Asset quality improved and amid a decline in provisions during September quarter of the current fiscal.
Market indices traded on a bullish note on Wednesday, tracking gains in IT stocks, ahead of the outcome of the US presidential elections. Sensex gained 250 points to 40,501 and Nifty was trading 65 points higher at 11,880.
Indian market is likely to keep a close watch on the ongoing results of the US Presidential elections today. Challenger Joe Biden and President Donald Trump are involved in a close electoral fight where economic recovery and handling of the pandemic are key issues among the voters in the world's oldest democracy.