Yes Bank Plunges as India Defers Three-Year Extension for CEO
- Indian lender’s shares head for biggest fall in 10 months
- Yes CEO’s reappointment may not be ‘clean one’: Jefferies
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Shares of India’s Yes Bank Ltd. plunged after the central bank deferred approving another three-year term for Chief Executive Officer Rana Kapoor, while allowing him helm the bank for the time being.
Kapoor has received the Reserve Bank of India’s approval to continue as managing director and CEO of the Mumbai-based lender until “further notice” from the regulator, Yes Bank said in an exchange filing late on Thursday. Yes Bank shareholders had voted in June to approve a three-year extension for the CEO, whose current term was set to end Aug. 31. The shares plunged as much as 7.1 percent and were trading 4.9 percent lower at 344 rupees as of 10:26 a.m. in Mumbai.