Yes Bank Claims Sound, Stable Asset Quality, Shares Post Gain After Four Sessions
Shares of Yes Bank Ltd. snapped a four-session decline on Monday after the private sector lender claimed its financial position is "sound and stable" with robust liquidity.
Yes Bank shares rose 5.56 percent to Rs 93.10 apiece on the BSE on a day the benchmark Sensex shed 2.01 percent to 38,720.57 points.
In a statement, the bank termed concerns over its asset quality, management stability and future prospects as "unfounded speculations" and suspects “this is a deliberate and malicious attempt to create instability in the institution by undermining investor and client confidence".
"Our financial position is sound and stable and liquidity and operating performance continue to be robust," the Yes Bank board said in the statement.
According to Managing Director and Chief Executive Officer Ravneet Gill, who joined Yes Bank from Deutsche Bank AG, said the bank is embarking on its next phase of "strong growth".
Gill joined the bank in March after Founder-CEO Rana Kapoor was removed from the post by the Reserve Bank of India due to shortcomings on governance practices, among others.