{"id":90464,"date":"2018-09-01T15:02:08","date_gmt":"2018-09-01T15:02:08","guid":{"rendered":"http:\/\/www.bnreport.com\/yes-bank-shares-fall-5-on-uncertainty-over-ceo-term\/"},"modified":"2018-09-01T15:02:08","modified_gmt":"2018-09-01T15:02:08","slug":"yes-bank-shares-fall-5-on-uncertainty-over-ceo-term","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/yes-bank-shares-fall-5-on-uncertainty-over-ceo-term\/","title":{"rendered":"YES Bank shares fall 5% on uncertainty over CEO term"},"content":{"rendered":"

MUMBAI: Uncertainty over another three-year term for Rana Kapoor<\/a> as the CEO<\/a> of YES Bank<\/a> spooked investors. YES Bank shares<\/a> fell 5.1 per cent to Rs 343.40 after the bank said late Thursday that Reserve Bank of India has given permission for him to continue only until further orders. <\/p>\n

Brokerages have not changed their ratings in general on the bank but are factoring in volatility till clarity emerges on Kapoors role as CEO. <\/p>\n

\u201cThe RBI has left the Street hanging on Rana Kapoors reappointment,\u201d said Jefferies in a note. \u201cWe hazard a guess, but in our opinion, the reappointment may not be a clean one, and while all the options are possible, the Street is likely to react negatively to this uncertainty.\u201d <\/p>\n

The US-based brokerage continued with a buy rating but noted \u201cthe downside catalysts\u201d that have triggered from the central banks move. <\/p>\n

While the YES Bank board recommended a three-year term for Kapoor, the RBI did not put its stamp of approval. But the board recently wrote to the RBI clarifying on issues that the regulator had raised in regard to another term for Kapoor. <\/p>\n

Analysts said it is safe to wait and watch for further clarity from the banking regulator, but advised investors to be cautious on buying the stock. <\/p>\n

Macquarie, a brokerage, believes that Rs 300 could be the bottom. \u201cIf Rana gets reappointed for 3 years and they manage to raise money, stock could be at Rs 500,\u201d Suresh Ganapathy, analyst at Macquarie, said in a note. \u201cSo what should you doRs Wait for his reappointment\u2026It is OK to miss the 10-15 per cent rally and then get into the stock\u2026We seriously dont know what RBI will do\u2026A one-year extension also wont be a good thing.\u201d <\/p>\n

Ganapathy said anything short of a full 3-year term was going to be taken negatively by investors. <\/p>\n

\u201cIn the low probability event that RBI asks Rana Kapoor to step down, it would be a significant negative for the stock. Despite how institutionalised YES Bank has become in processes & management strength, the market sometimes does not differentiate between the founder CEO and the bank. Planned $1-bn QIP at the end of the year (and thereby future growth) would also go in a limbo,\u201d Ganapathy said. <\/p>\n

Analysts are speculating that the divergence in bad loans classification may be the reason behind RBIs decision. <\/p>\n

\u201cRBI had been quite vigilant on these divergences in the asset quality review (AQR) for all banks,\u201d ICICI Direct said in a note. \u201cThe central bank acted against providing longer-term extension to the top management in one of the cases in the recent past. Accordingly, a last moment notification regarding no clear extension time line for the MD & CEO of YES Bank creates ambiguity over the extension of the future term.\u201d <\/p>\n

YES Bank had reported a divergence of Rs 4,176 crore in FY16 and Rs 6,355 crore in FY17. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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MUMBAI: Uncertainty over another three-year term for Rana Ka..<\/p>\n","protected":false},"author":1,"featured_media":90466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-90464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nYES Bank shares fall 5% on uncertainty over CEO term - Business News Report<\/title>\n<meta name=\"description\" content=\"MUMBAI: Uncertainty over another three-year term for Rana Ka..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/yes-bank-shares-fall-5-on-uncertainty-over-ceo-term\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"YES Bank shares fall 5% on uncertainty over CEO term - 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