Share price of YES Bank rose over 6% intraday after private lender informed that it has appointed 2 top management leaders and confirmed that its financial position is sound and stable.
The Yes Bank share opened at Rs 87 against the last closing price of Rs 88.20, but later gained 7.2% to the day's high of Rs 94.55. Overall 96.2 lakh shares and 1,415.5 lakh shares were changing hands on BSE and NSE, respectively.
Initially, the stock price of YES Bank fell 2.83% to touch an intraday low of Rs 85.70 in the pre-opening session, which is also its new 52-week low. The stock today trades at a wide range of Rs 8.65. Although, after the press release in the early trading session, there was a trend reversal observed, as the stock had been falling consecutively for the last four days.
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YES Bank, India's fourth-largest private sector bank in its latest filing submitted to the exchanges, the bank disclosed BoD meet for approving unaudited financial results of the bank for the first quarter.
Further, the regulatory statement informed the bourses about the appointment of 2 Top Management Leaders, Mr. Rajeev Uberoi as the bank's Senior Group President -Governance and Controls and Mr. Anurag Adlakha as the Senior Group President & Head - Financial Management & Strategy of the private bank.
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Additionally, the regulatory statement by the lender strongly denied malicious rumors and unfounded speculation about the bank's Board & management stability, asset portfolio and future growth prospects amongst other tings.
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The lender further confirmed to bourses that the financial position of the bank is sound and stable. It added that its liquidity & operating performance continue to be robust, as per the Board.
"We strongly refute such speculations which we suspect is a deliberate & malicious attempt to crea te instability in the institution by undermining investor and client confidence. We have apprised the authorities of these developments", the filing said.
Why YES Bank share price hit 5-year lowThe stock price of YES bank, currently quotes Rs 94.25, at a rise of 5.90 points or 6.69% on BSE.
Edited by Rupa Burman Roy