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YES Bank files police complaint over 'fake news' of its financial health

BusinessToday.In     October 6, 2019

YES Bank has filed a complaint with the Mumbai Police and cyber cell against "fake news and spread of rumours about the Bank's financial health on WhatsApp and other social media platforms". The complaint was filed in the light of promoters cutting their stake and lenders to the bank revoking its shares pledged with them. This had led to YES Bank shares taking a heavy beating at stock exchanges over the past few days.

In a regulatory filing, YES Bank said that it has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.

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"Over the past few days, some miscreants have been spreading false information and malicious rumours about YES BANK on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors. The messages attempt to portray the Bank in poor light and are intended to tarnish the image of the Bank in the eyes of its depositors, stakeholders and the general public," the private sector bank said in its filing on Sunday.

YES Bank further said that it remains committed to protecting the interest of all its stakeholders, and promised to take strong steps against the fear mongers.

"The Bank appeals to its trusted patrons to be cautious of false information circulating against it and assures that its financial position continues to be absolutely safe and sound," the lender said in its statement.

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