Why YES Bank share price fell over 8% in early trade
Share price of YES Bank lost over 8% to Rs 41.2 compared to the previous close of Rs 44.80 on BSE
- Jan 13, 2020,
- Updated Jan 13, 2020 11:03 AM IST
YES Bank share price fell in early trade today after lender on January 10 said Uttam Prakash Agarwal, independent director and chairman of YES Bank's Audit Committee, has resigned. Agarwal cited deteriorating corporate governance standards and compliance failure in the bank as the reason for his resignation. The lender said it was reviewing 'fit and proper' status of Agarwal for appointment on the board as directed by the Reserve Bank of India and he quit prior to the commencement of proceedings of the meeting.
Share price of YES Bank lost over 8% to Rs 41.2 compared to the previous close of Rs 44.80 on BSE. The mid cap stock opened with a loss of 3.13% to Rs 43.30 on BSE. Share price of YES Bank has fallen for the second consecutive session and declined 11.52% during the period. The stock has lost 77.03% during the last one year. Market cap of YES Bank fell to Rs 10, 635 crore on BSE.
50.44 lakh shares of the bank changed hands amounting to turnover of Rs 21.39 crore on BSE. Agarwal was appointed as independent director on November 14, 2018 and his tenure was to end in November 2023. The bank in its board meeting held on Friday approved raising of funds of up to Rs 10,000 crore in one or more tranches through qualified institutional placement (QIP) or any other private placement of equity or debt. The private lender also said that it would not proceed with the offer made by Erwin Singh Braich/SPGP Holdings.
YES Bank independent director targets CEO Ravneet Gill, top management in resignation letter
On December 2, the bank said that Capital International, part of the $1.87-trillion US-based Capital Group, has committed to invest at least $120 million in the private sector lender. On December 10, the lender after its board meeting said it would consider investment offer of $500 million from Citax Holdings and Citax Investment Group, adding that it would continue to evaluate other potential investors to raise capital up to $2 billion.
On December 10, the lender after its board meeting said it would consider investment offer of $500 million from Citax Holdings and Citax Investment Group, adding that it would continue to evaluate other potential investors to raise capital up to $2 billion.
By Aseem Thapliyal
YES Bank share price fell in early trade today after lender on January 10 said Uttam Prakash Agarwal, independent director and chairman of YES Bank's Audit Committee, has resigned. Agarwal cited deteriorating corporate governance standards and compliance failure in the bank as the reason for his resignation. The lender said it was reviewing 'fit and proper' status of Agarwal for appointment on the board as directed by the Reserve Bank of India and he quit prior to the commencement of proceedings of the meeting.
Share price of YES Bank lost over 8% to Rs 41.2 compared to the previous close of Rs 44.80 on BSE. The mid cap stock opened with a loss of 3.13% to Rs 43.30 on BSE. Share price of YES Bank has fallen for the second consecutive session and declined 11.52% during the period. The stock has lost 77.03% during the last one year. Market cap of YES Bank fell to Rs 10, 635 crore on BSE.
50.44 lakh shares of the bank changed hands amounting to turnover of Rs 21.39 crore on BSE. Agarwal was appointed as independent director on November 14, 2018 and his tenure was to end in November 2023. The bank in its board meeting held on Friday approved raising of funds of up to Rs 10,000 crore in one or more tranches through qualified institutional placement (QIP) or any other private placement of equity or debt. The private lender also said that it would not proceed with the offer made by Erwin Singh Braich/SPGP Holdings.
YES Bank independent director targets CEO Ravneet Gill, top management in resignation letter
On December 2, the bank said that Capital International, part of the $1.87-trillion US-based Capital Group, has committed to invest at least $120 million in the private sector lender. On December 10, the lender after its board meeting said it would consider investment offer of $500 million from Citax Holdings and Citax Investment Group, adding that it would continue to evaluate other potential investors to raise capital up to $2 billion.
On December 10, the lender after its board meeting said it would consider investment offer of $500 million from Citax Holdings and Citax Investment Group, adding that it would continue to evaluate other potential investors to raise capital up to $2 billion.
By Aseem Thapliyal