Shares of Yes Bank rallied up by 4.4 per cent in the early trade Monday after the appointment of Brahm Dutt as non-executive part-time Chairman of the board. The shares of the private lender hit intraday high of Rs 192.45 in the morning. The stock is trading up 7.55, or 4.10 per cent at Rs 191.50.
“The Reserve Bank of India, basis Brahm Dutt’s outstanding credentials and experience, has approved his appointment as part-time Chairman of the bank’s board up till July 4, 2020,” Yes Bank said in a regulatory filing.
Also read: Share market LIVE updates: Sensex extends losses; Nifty nears 10,700; D-mart plunges 9%; Yes Bank shares rally
The board of directors in the last meeting held on January 9 finalised names of potential candidates for the position of MD and CEO to replace Rana Kapoor. An application was submitted by the board to the Reserve Bank of India (RBI) on January 10 seeking approval for the appointment of the new MD and CEO. The final name is expected to be announced once the Central Bank clears appointment. January 31 of this year is the last date for Rana Kapoor as MD and CEO of the bank.
Meanwhile, the BSE benchmark Sensex Monday dropped over 150 points tracking weakness in other Asian markets amid heavy selling by foreign investors. Market sentiment also turned cautious ahead of the release of key macroeconomic data. The 30-share index fell 174.61 points, or 0.48 per cent, to 35,835.23 in early trade. Similarly, the NSE Nifty shed 60.10 points,or 0.57 per cent, to 10,733.85.
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Source: Financial Express