Yes Bank rebounds 7% after hitting 5-yr low, appoints 2 management leaders

The financial position is sound and stable and its liquidity and operating performance continue to be robust, said the board of YES Bank.

Yes Bank shares rebounded 7 percent intraday on July 8 after the private sector lender clarified about management stability and appointed two management leaders. The surge comes after it hit a 5-year low of Rs 85.70 in the opening trade.

The stock was quoting at Rs 92.20, up Rs 4.00, or 4.54 percent on the BSE at 0942 hours IST. It had fallen 3 percent in opening trade.

The bank said over the past few weeks, there has been a lot of unfounded speculation about board & management stability, asset portfolio, future growth prospects amongst other things.

The private sector lender strongly refuted such speculations which it suspects is a deliberate & malicious attempt to create instability in the institution by undermining investor and client confidence. "We have apprised the authorities of these developments," it added.

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