Yes Bank shares zoom over 9%; m-cap rises by Rs 3,839 cr

Shares of Yes Bank Thursday soared over 9 per cent after the lender named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive officer to succeed Rana Kapoor, whose term will end on January 31.

The stock zoomed 8.39 per cent to close at Rs 213.85 on the BSE. During the day, it jumped 19 per cent to Rs 234.90.

At the National Stock Exchange (NSE), shares of the company soared 9.20 per cent to close at Rs 215.40 apiece.

The stock was the biggest gainer among the blue-chips on both the exchanges during the day.

Led by the sharp rally in the stock, the company's market valuation surged Rs 3,839.42 crore to Rs 49,460.42 crore on the BSE.

In terms of equity volume, 1.18 crore shares of the company were traded on the BSE and over 12 crore shares changed hands at the NSE during the day.

"The bank has received Reserve Bank approval for new managing director and chief executive Ravneet Gill. He can join on or before March 1, 2019," Yes Bank said in a statement.

The Reserve Bank of India in September 2018 asked Kapoor, who is one of the promoters of the lender along with his sister-in-law Bindu Kapur, to leave the office by the end of this month.