Yes Bank posts biggest single-day gain, surges 35% – Moneycontrol.com, Moneycontrol.com

The bank’s management confirmed that it’s financial and operating metrics remain intrinsically sound and stable, with liquidity position well in excess of regulatory requirements

        

                                                                                                           

                

Marking their biggest single-day gain, shares of private lenderYes BankSurged 32. 97 percent to Rs 42. 55 on BSE on October 3.

The stock added Rs 3, 00 0 crore to its market capitalization today.

The stock jumped today after hitting a multi-year low on October 1 on the back of the forced sale of pledged shares by large shareholders.

Promoter Rana Kapoor and his group entities have sold 2. 16 percent stake in the lender, which brought down their stake in the bank to 4. (percent.)

The company in its BSE filing said the forced sales were triggered by an invocation of a pledge on equity shares by a large stakeholder.

The bank had a liquidity coverage ratio in excess of 125 percent as of September 30, which is well above the minimum regulatory requirement of 100 percent, Yes Bank said in a release.

Its gross advances aggregated to Rs 2. 32 lakh crore at September-end with a higher share of retail advances as compared to June 30 Further, deposits aggregated to Rs 2. 09 lakh crore as on September 30. CASA ratio improved to 30 .8 percent as compared to 30. 2 percent as of June 30, the bank added.

Meanwhile, in a conference call, informed investors that Group president Rajat Monga has quit. The development comes after reports of Monga and a few other executives selling the bank’s shares in the open market over the past few sessions.

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Also, in an interview withCNBCTV – 18, the bank’s CEO Ravneet Gill informed that the bank’s exposure to Indiabulls Housing Finance has gone down about 30 **** over the last few months.

“Over the last two quarters, this (Indiabulls) exposure has come down 30 percent and is well collateralized. The account has performed exceedingly well; we have never had a day’s delay in repayments. So, we do not feel concerned about that exposure right now and it’s not as large as it has made out to be, “Gill clarified.

Furthermore, Yes Bank chief executive officer Ravneet Gill assured investors that the bank’s financial health was “intrinsically sound and stable” and added that the entire promoter stake that was pledged with lenders has been sold.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as (RS) for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.