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Private sector Yes Bank today clarified that it has no exposure to gems and jewellery sector and it is de-risking its portfolio of big borrowers.
This follows media reports of high profile exits at a private sector lender on alleged misconduct in furnishing loans to Mehul Choksi of Gitanjali Gems.
Reiterating its earlier media statement released in mid-February, the bank said: "Yes Bank would like to confirm that it has nil exposure to the entities or affiliates mentioned in the media reports on the subject specific fraud in the gems and jewellery sector."
The country's banking sector has been mired in controversy following over Rs 13,000 crore fraud at PNB, allegedly involving diamond jeweller Nirav Modi and his uncle Choksi in connivance with a few bank officials.
On bank's position on the revised framework of the Reserve Bank to resolve stressed assets, Yes Bank said it has been pro-actively de-risking its portfolio for borrowers with their aggregate exposures in the Rs 100-1,000 crore, and Rs 1,000 crore to Rs 5,000 crore bands.
"As a consequence of these proactive actions and effective monitoring, the bank is of the view that the subject regulation may have only minimal impact on its portfolio," Yes Bank added.
Yes Bank stock slumped 3.87 per cent to close at Rs 286.70 on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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