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YES Bank stock top gainer on Sensex, Nifty ahead of December 13 board meeting

The stock has gained after five days of consecutive fall and touched an intra day high of 175.50 (6.14%) today. It was trading 5.38% higher at 174.25 level on the BSE.  The large cap stock was the top gainer on Sensex and Nifty today.

twitter-logo BusinessToday.In        Last Updated: December 11, 2018  | 15:06 IST
YES Bank stock top gainer on Sensex, Nifty ahead of December 13 board meeting

The YES Bank stock gained in trade today ahead of the December 13 board meeting to discuss the names of candidates for the position of next MD and CEO after Rana Kapoor's term ends on January 31, 2019. The board will also recommend names for new chairman to be approved by the RBI as well as consider the appointment of independent directors.

The stock has gained after five days of consecutive fall and touched an intra day high of 175.50 (6.14%) today. It was trading 5.38% higher at 174.25 level on the BSE.  The large cap stock was the top gainer on Sensex and Nifty today. On Nifty, the stock was trading 5.77% or 9.40 points higher at 175.05 level.

Also read: Yes Asset Management forays into MF business; gets Sebi nod to launch schemes

The stock has lost 44.56% since the beginning of this year and fallen 43.93% during the last one year.

28 of 47 brokerages rate the stock "buy" or 'outperform', 13 "hold", four "underperform" and two "sell", according to analysts' recommendations tracked by Reuters.

At 12:16 pm, the stock was trading 5.02% higher at 173.80 level on the BSE. The stock  

The private sector lender has been grappling with governance as well as NPA issues for long.

The stock is already down 56.98% from its all-time high of 404 level hit on August 20, 2018 amid worries over non-extension of Rana Kapoor's term as CEO and MD, credit ratings agencies downgrading outlook of the stock after resignation of three independent directors from the board and media reports saying Kapoor's investment firms borrowed money from mutual funds and invested them as equity in a finance company.

On August 30, the RBI approved reappointment of Rana Kapoor as managing director and CEO till further notice from the central bank. The stock closed over 5% or 18.50 points lower at 343.40 level on August 31, 2018 as the RBI did not approve a full three-year extension of the CEOs tenure.

On September 21, 2018, the YES Bank stock tumbled up to 34.03% after the Reserve Bank of India (RBI) cut the tenure of its founder and CEO Rana Kapoor till January 31, 2019. Kapoor was given three-year extension by the bank's shareholders in June, but the central bank had not specified the exact period of his tenure.

The lender's woes continued in October too with the bank posting second quarter earnings which came below expectations.

Shares of YES Bank closed sharply lower by almost 9 per cent on October 26, 2018 after the company reported a decline of 3.8 per cent in net profit for the second quarter ended September 2018. The stock plummeted 8.97 per cent to close at Rs 180.55 on the BSE. Intra-day, it cracked 14.99 per cent to Rs 168.60. On the NSE, Yes Bank shares slumped 8.64 per cent to end at Rs 181.20.

In November, the lender was hit by a series of resignations from the board. Ashok Chawla, OP Bhatt and R Chandrashekhar quit the bank's board.

Chawla was the first to tender his resignation on November 14. Since then the stock has lost 24% taking into account today's price of 173.30 on the BSE. On November 29, the stock fell to a fresh 52-week low of 147 level amid negative sentiments.

Edited by Aseem Thapliyal

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