Yes Bank shares in focus after MD & CEO Prashant Kumar gets an extension
Published on 13/06/2025 05:12 AM
Yes Bank shares in focus after MD & CEO Prashant Kumar gets an extensionYes Bank MD & CEO Prashant Kumar received his first extension from the central bank in October 2022 for a three-year period, which meant that his term was to end in October 2025.By Hormaz Fatakia June 13, 2025, 5:12:18 AM IST (Published)2 Min ReadShares of Mumbai-based private lender Yes Bank Ltd. will be in focus on Friday, June 13, after the lender's Managing Director and CEO, Prashant Kumar, received an extension to his tenure from the Reserve Bank of India (RBI).
Kumar has been granted an extension of six months, which will take effect from October 6, 2025, or till the appointment of a new MD & CEO, whichever is earlier, Yes Bank stated in an exchange filing.
Yes Bank had made an application to the RBI under The Banking Regulation Act, 1949, to extend Kumar's tenure as MD & CEO.
A former Deputy Managing Director and Chief Financial Offer (CFO) at India's largest lender State Bank of India (SBI), Kumar was appointed as MD & CEO of Yes Bank after a consortium of banks, led by his former employer SBI, had rescued the bank from a liquidity crisis in 2020.
He had received his first extension from the central bank in October 2022 for a three-year period, which meant that his term was to end in October 2025.
Yes Bank has been in the news recently after the same consortium of banks led by SBI, pared some of their individual stakes in the lender, to sell up to 20% of the bank's outstanding equity to Japan's Sumitomo Mitsui Banking Corporation.
SBI, HDFC Bank, IDFC First Bank, Bandhan Bank, all of whom held a stake in Yes Bank during the rescue process, were part of the stake sale.
Shares of Yes Bank ended 1.5% lower on Thursday, in-line with the fall in the broader markets, at ₹20.41. The stock is now below the stake purchase price of ₹21.5 per share, and has declined 2.2% in the last one month.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsPrashant Kumarshare market todayYES BankYes Bank Share PriceYes Bank Shares