Yes Bank, the promoter-run private sector lender, in Friday's early morning trade today has reached a day's low of Rs. 210.10, declining huge 30% from Wednesday's close of Rs. 318.50. On Thursday, stock markets were closed on account of Muharram.
As per the bank's filing with the exchange, "RBI has intimated that Shri Rana Kapoor may continue as the MD & CEO till 31 January 2019". And now as management uncertainty looms at the bank in which Rana Kapoor is both the promoter and shareholder, bank as expected by analysts had plunged drastically but later pared its early morning losses to trade a tad higher at Rs. 259.85, with a decline of 18.41%.
It is being deemed highly difficult to find the right incumbent in Rana Kapoor's place in just 4 month's time. And taking the growth story outlook that in the current situation seems to be at stake with all such plans such as the capital raising plan likely to be deferred, brokerages have also downgraded the stock with a sell or neutral rating as against the earlier buy call.
Meanwhile, the broader Sensex surged 300 points in trade taking positive global cues as trade war situation eased. Rupee also opened higher in trade at 71.85 vs Wednesday's closing of 72.37.