Yes Bank has been the biggest loser among Nifty50 stocks in last one month.
Yes Bank stock has crashed more than 50 percent in last one month wiping out more than Rs 43,391 crore in market capitalisation.
On Friday, it fell as much 9.72 percent to close at Rs 183.45 after hitting a 52-week low of Rs 166.15, losing a market cap by Rs 4,560 crore.
It was the biggest loser among Nifty50 stocks in last one month.
In the dock for under-reporting bad loans, Yes Bank has denied any “window dressing” of corporate loans to conceal its non-performing asset (NPA) status.
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Yes Bank further said its gross NPA ratios are among the finest in the banking industry and the internal control over financial planning is audited with BSR and Co (KPMG), that has given an “un-qualified opinion” on it.
The lender has also refuted allegations that it inflated its share price ahead of key fund-raising activities. It denied parallel dealings with “Three Sisters Family Office”, which manages personal investments of the current Chief Executive Officer and Managing Director Rana Kapoor and his family.
In a filing with the National Stock Exchange (NSE) it said, “The bank has been regularly making disclosures in terms of SEBI circular on “Disclosure of divergences in the asset classification and provisioning by banks” dated July 18, 2017….As mandated and required under regulations, the bank has been making all disclosures to stakeholders on NPA divergence related findings made by the regulator.”
This was also “validated by Statutory Auditors BSR and Co. on a quarterly basis”, Yes Bank said. The bank pointed out it is the subject of a comprehensive annual risk-based supervision by the banking regulator, Reserve Bank of India (RBI).
The clarifications come in response to queries sent by NSE after it received a written complaint making certain allegations against the bank.
The RBI also came down heavily on Yes Bank on September 17 to cut short Kapoor’s tenure as the CEO to five months until January 31, 2019 without citing any reasons.
On September 25, Yes Bank’s board decided to request the central bank to extend Kapoor’s term till September 2018. But Moneycontrol sources suggest RBI is unlikely to accept the request.
Previously, the reappointment was proposed by the bank’s board and shareholders for three years until September 2021.
For FY16 ending March 2016, Yes Bank reported a divergence of Rs 4,173 crore and in FY17 the divergence increased to Rs 6,355 crore.