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Yes Bank sees best day after RBI gives clean chit

Reuters 

(Reuters) - Yes Ltd's shares surged 30 percent early on Thursday in their sharpest ever intraday jump, a day after the Indian cleared the of any divergences in bad loan reporting practices.

More than 101 million shares changed hands by 0418 GMT, double the 30-day average trading volume, and making them the most heavily traded on

The did not find any divergences in the asset classification and provisioning by Yes Bank for the fiscal year ending 2018, the bank said in a statement on Wednesday.

This came as a relief for Yes Bank, which reeled under pressure last year to bring in a new executive officer amid an increasingly assertive approach by the to tackle domestic banks' bad debts.

Yes Bank hired Deutsche Bank India's as its new executive after the denied twice last year an extension to his term without giving a reason.

KEY OVERHANG REMOVED

analysts said the "positive report can support a more rapid return to market than otherwise would have been possible", adding this would be one of the key priorities for Gill.

"We believe it is time for the RBI to increase transparency on decisions that have a significant impact on minority shareholders," Jefferies analysts said.

(Reporting by in Bengaluru; Editing by Subhranshu Sahu)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 14 2019. 10:36 IST
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