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YES Bank stock trading higher ahead of January 9 board meeting

BusinessToday.In     January 7, 2019

The YES Bank stock rose in early trade today ahead of a board meeting on January 9 to finalise the name of its CEO and MD candidate to replace Rana Kapoor whose term ends January 31. Subsequently, the name will be sent to the Reserve Bank of India for approval.  The stock rose up to 2.51% to 194.25 level today compared to the previous close of 189.50 on the BSE.

The large cap stock hit an intra day low of 191.50 in trade today.

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The stock has been gaining for the last two days and has risen 4.59% during the period. The stock has lost 42.22% since the beginning of this year.

28 of 47 brokerages rate the stock "buy" or 'outperform', 13 "hold" , four "underperform" and 2 "sell", according to analysts' recommendations tracked by Reuters.

The stock is trading above its 50-day moving average of 180.97 but below its 200-day moving average of 273.74.

On December 13 last year, the bank in its board meeting finalised a candidate for the position of chairman and would be seeking approval from the Reserve Bank of India. The move was necessitated following the resignation of Ashok Chawla from the post in November. The bank, however, did not disclose the candidate's name.

On the appointment of new MD and CEO, the bank said the 'Search & Selection Committee' (SSC) and the board are "on track" to complete the process within the stipulated timeline given by the RBI. The recommendation in this regard will be submitted to the RBI post January 9, 2019, it added. I

The bank said that they are 'on track' to complete the process on time. Human resource consulting firm Korn Ferry is assisting the bank in the selection of the new chief executive officer.

On December 13, the YES Bank stock closed lower after the conclusion of its board meeting.  The stock ended 6.56% or 12.25 points lower at 174.55 level on the BSE. On Nifty, the stock fell 6.32%.

In September last year, the RBI curtailed the term of Rana Kapoor as CEO and MD till January 31 2019. Rana Kapoor's term was given three-year extension by the bank shareholders in June, but the central bank had not specified the exact period of his tenure.

Edited by Aseem Thapliyal


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