Yes Bank Files Complaint Against Rumours About Its Financial Health, Shares Jump

Edited by Sandeep Singh

07 Oct 2019, 11:45 AM IST

Yes Bank had declined 13.63% last week

Yes Bank shares jumped as much as 9 per cent on Monday and were the biggest percentage gainer on both benchmark indices, a day after the private sector lender said it had filed a complaint against fake news and rumours about its financial health. Yes Bank shares climbed as much as 9.02 per cent to Rs 45.95 apiece on the Bombay Stock Exchange (BSE) on Monday. On the National Stock Exchange (NSE), Yes Bank shares traded at Rs 45.95 apiece at the day's strongest level, as against their previous close of Rs 42.15. (Catch LIVE Market Updates Here)

In a regulatory filing on Sunday, Yes Bank said it had lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumors about its financial health on WhatsApp and other social media platforms.

Yes Bank said it had requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.

"Over the past few days some miscreants have been spreading false information and malicious rumors about Yes Bank on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors. The messages attempt to portray the Bank in poor light and are intended to tarnish the image of the Bank in the eyes of its depositors, stakeholders and the general public," said Yes Bank.

Yes Bank further said it remains committed to protecting the interest of its valued stakeholders and "promises to take strong steps against the fear/panic mongers". Yes bank also appealed to its trusted patrons to be cautious of false information circulating against it and assured that its financial position continues to be "absolutely safe and sound".

Yes Bank CEO Ravneet Gill had said last week that the private sector lender was on a solid financial footing and the performance of the bank was “absolutely sound”.

At 11:09 am, the Yes Bank stock traded 3.08 per cent higher at Rs 43.45, outperforming the benchmark Sensex index which was up 0.19 per cent. Yes Bank had fallen on three out of four sessions last week, registering a weekly decline of 13.63 per cent.