YES Bank has been under a bear grip so far in 2019. Its shares have fallen more than 60 percent this year and around 80 percent in the last one year
YES Bank shares rallied over 15 percent on September 11 trade on reports that co-founder Rana Kapoor is in talks with Paytm to sell his stake in the bank, sources told Moneycontrol.
In August, Kapoor sought out Vijay Shekhar Sharma, the founder and CEO of the Noida-based mobile payments startup, and offered to sell his stake as well as that of his family members for Rs 1,800-2,000 crore, a source said.
At current valuations, the shareholding of Kapoor and his family members is worth Rs 1,550 crore.
YES Bank has been under a bear grip so far in 2019. Its shares have fallen more than 60 percent this year and around 80 percent in the last one year.
If the deal goes through, it will mark the end of the career of one of India’s most-storied bankers and the potential rise of an upstart serial entrepreneur in the banking sector.Kapoor’s fortunes have been on the wane for the past few years. In 2015, he lost a court battle to co-promoter Madhu Kapur over a board appointment and was eventually ousted as the CEO and MD of YES Bank by the Reserve Bank of India (RBI), which cited 'serious lapses' in governance and 'poor compliance culture'.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.