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Yes Bank Shares Near 6-Month Low
In morning trade on Wednesday, shares of Yes Bank fell by close to 5 percent to edge closer to its lowest in nearly 6 months. The stock fell by 4.8 percent to hit a low of Rs 148.30, its lowest since 29 November 2018 on BSE.
The slump comes after the Reserve Bank of India (RBI) appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of the private sector lender for a period of two years.
In a regulatory filing Yes Bank said, "The Reserve Bank of India on May 14, 2019 informed that in exercise of powers conferred under subsection (1) of Section 36AB of the Banking Regulation Act, 1949, appointed Shri R Gandhi, Ex-Deputy Governor, Reserve Bank of India as Additional Director on the Board of the Bank for a period of 2 years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier."
The bank further said that Gandhi's appointment will strengthen its board composition.
In the past month, the lender's stock has fallen by 44 percent.
Major rating agencies, namely, CARE Ratings, Brickwork Ratings (BWR), Icra and India Ratings have downgraded the long-term ratings on Yes Bank with a negative outlook.
