Moneycontrol
Get App
Last Updated : Mar 17, 2020 01:39 PM IST | Source: Moneycontrol.com

Yes Bank share price rises 72% on Moody's upgrade; press conference at 3:45 pm

The board of directors of the bank approved the reconstitution by appointing Prashant Kumar as chief executive officer and managing director of the Yes Bank.

Yes Bank share price rose 72 percent intraday on March 17 after rating agency Moody's upgraded its ratings with a positive outlook.

"We upgraded Yes Bank long-term foreign currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and (P)Caa1 from (P)Caa3 respectively," Moody's Investors Service said in its statement.

The credit outlook has also been changed to positive from negative.

Close

The board of directors of the bank approved the reconstitution by appointing Prashant Kumar, former chief financial officer and deputy managing director of State Bank of India, as chief executive officer and managing director of the Yes Bank.

Also, Sunil Mehta was appointed as non-executive chairman.

Also Read - ED summons Subhash Chandra, Sameer Gehlaut and Naresh Goyal in Yes Bank probe

A special court has extended, the Enforcement Directorate (ED) custody of Yes Bank co-founder Rana Kapoor till March 20, arrested on money laundering charges.

The moratorium on Yes Bank will be lifted on March 18 at 6 pm, Reserve Bank of India (RBI) Governor Shaktikanta Das said in the press conference on Monday.

He reassured depositors that their money is safe and that they do not need to withdraw their funds in panic.

The bank is going to hold press conference at 3:45 pm today.

ICICIdirect has a sell recommendation on the stock. Going ahead, the balance sheet is expected to shrink further in the near term as the moratorium is lifted. Recognition of further stressed assets is seen keeping provision elevated in Q4FY20 with the write-down of AT1 bonds being utilised for the same, it said.

At 11:22 hrs Yes Bank was quoting at Rs 58.30, up Rs 21.20, or 57.14 percent on the BSE.

(With inputs from PTI)

Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!

First Published on Mar 17, 2020 10:15 am
Sections
Follow us on