Yes Bank rebounds 7% after hitting 5-yr low, appoints 2 management leaders

Yes Bank shares rebounded 7 percent intraday on July 8 after the private sector lender clarified about management stability and appointed two management leaders. The surge comes after it hit 5-year low of Rs 85.70 in the opening trade.

The stock was quoting at Rs 92.20, up Rs 4.00, or 4.54 percent on the BSE at 0942 hours IST. It had fallen 3 percent in opening trade.

The bank said over the past few weeks, there has been a lot of unfounded speculation about board & management stability, asset portfolio, future growth prospects amongst other things.

The private sector lender strongly refuted such speculations which it suspects is a deliberate & malicious attempt to create instability in the institution by undermining investor and client confidence. "We have apprised the authorities of these developments," it added.

The financial position is sound and stable and its liquidity and operating performance continue to be robust, said the board of YES Bank.

In addition, the bank appointed Rajeev Uberoi as Senior Group President - Governance and Controls and Anurag Adlakha as Senior Group President & Head - Financial Management & Strategy.

The bank said it will significantly benefit from their vast experience and demonstrated performances and will further strengthen management leadership and its governance, control and compliance framework.

The meeting of the board of directors will be held on July 17 to consider and approve the unaudited financial results of the bank for the quarter ended June 30, 2019.

The stock had been reeled under pressure and also volatile due to its expsoure to cash-strapped companies.