YES Bank stock trading higher ahead of board meeting to decide name of MD and CEO Rana Kapoor’s successor

The YES Bank stock was trading marginally higher ahead of the board meeting today in which the name of a new MD and CEO and will be announced. Subsequently, the name will be sent to the Reserve Bank of India for approval. The stock was trading 0.31% higher at 192.90 level today compared to the previous close of 192.30 on the BSE. The stock touched an intra day high of Rs 193.95, rising up to 2.14% on the BSE.

The large cap stock hit an intra day low of 190 in trade today. The stock logged turnover of Rs 36.57 crore on the BSE today with volume of 19.26 lakh recorded on the bourse.

YES Bank stock trading higher ahead of board meeting to decide name of MD and CEO Rana Kapoor’s successor

The stock has been gaining for the last two days and risen 2.89% during the period.

The stock has lost 43.36% during the last one year.

28 of 47 brokerages rate the stock “buy” or ‘outperform’, 13 “hold” , four “underperform” and 2 “sell”, according to analysts’ recommendations tracked by Reuters.

The stock is trading below its 50-day moving average of 180.45 but above its 200-day moving average of 271.50.

With the RBI asking Rana Kapoor, the incumbent Yes Bank managing director and CEO, to step down by January 31, the country’s fourth largest private lender has reportedly zeroed in on an in-house veteran and an outsider to take over the position. Two people in the know told The Economic Times that YES Bank executive director Rajat Monga and Rajesh Sud, former MD and CEO of Max Life Insurance, are in the race to fill Rana’s shoes.

In September last year, the RBI curtailed the term of Rana Kapoor as CEO and MD till January 31, 2019. Rana Kapoor’s term was given three-year extension by the bank shareholders in June, but the central bank had not specified the exact period of his tenure.

Meanwhile, the Sensex was trading 162 points higher at 36,143 and the Nifty gained 37 points to 10,839 level.

source: businesstoday


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