Moneycontrol
Last Updated : Sep 25, 2018 03:57 PM IST | Source: Moneycontrol.com

Yes Bank touches 52-week low ahead of board meet, says no fine imposed by RBI

The bank clarified on news report that RBI slaps Yes Bank with Rs 38 crore over GST Violations, stating that the heading used by news agency is inappropriate and RBI has not imposed any fines/ penalties over GST violations on the bank.

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Share price of Yes Bank fell 3 percent on Tuesday ahead of board meeting to decide on the action plan after the RBI directive.

It has touched a 52-week low of Rs 198.65.

“At the outset, the Bank would like to inform its stakeholders that the Bank and its MD & CEO (managing director and chief executive officer) will be fully guided by its Board of Directors (meeting scheduled on September 25, 2018), the Reserve Bank of India and other relevant stakeholders. The Bank's management remains committed to protecting the interests of all of its stakeholders,” Yes Bank said in a statement to the stock exchanges.

On September 19, the Reserve Bank of India (RBI) had cut short Rana Kapoor's tenure to five months allowing him to serve as the bank's chief only up to January 31, 2019.

In the statement, bank stated, “The Bank has a demonstrated track record of consistent delivery of business & financial outcomes over the last 14 years, since the commencement of its operations in mid-2004, across all critical parameters such as capital adequacy, credit risk, profitability, operating efficiency, growth, etc.”

The bank clarified on news report that RBI slaps Yes Bank with Rs 38 crore over GST Violations, stating that the heading used by news agency is inappropriate and RBI has not imposed any fines/ penalties over GST violations on the bank. In addition, there has been no written communication in the form of a show-cause notice, or otherwise, provided to bank on the matter by the authorities.

Research house Axis Capital maintained buy on Yes Bank but cut the target to Rs 300 from Rs 430 per share.

It believes that ride will not be smooth as Kapoor was a key catalyst, while Kapoor’s absence may impact continuity of strategies and outlook.

Yes Bank closed down Rs 6.40, or 2.83 percent at Rs 219.85 on the BSE.

Posted by Rakesh Patil
First Published on Sep 25, 2018 03:52 pm
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