Yes Bank fell 0.14% to Rs 814.55 at 12:05 IST on BSE after the bank cut its base rate by 25 basis points from 10.75% per annum to 10.50% per annum, effective from 22 June 2015.
The announcement was made during trading hours today, 18 June 2015.
Meanwhile, the BSE Sensex was up 268.45 points, or 1%, to 27,101.11.
On BSE, so far 94,000 shares were traded in the counter, compared with an average volume of 3.49 lakh shares in the past one quarter.
The stock hit a high of Rs 817.65 and a low of Rs 807.55 so far during the day. The stock hit a record high of Rs 910 on 4 March 2015. The stock hit a 52-week low of Rs 502.20 on 14 July 2014.
The stock had underperformed the market over the past one month till 17 June 2015, falling 4.05% compared with 1.80% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 2.07% as against Sensex's 6.62% fall.
Also Read
The large-cap private sector bank has an equity capital of Rs 418.04 crore. Face value per share is Rs 10.
The reduction is a consequence of the recent term deposit rate cuts of upto 25 basis points carried out by the bank across various tenors, which were made effective from 17 June 2015, the bank said in a statement.
Meanwhile, the bank announced after market hours yesterday, 17 June 2015, that the Bombay High Court yesterday, 17 June 2015, upheld the rights of Madhu Kapur as a successor of her husband and an initial promoter of Yes Bank, Ashok Kapur.
The court said that Madhu Kapur, along with the promoter Rana Kapoor, has the right to jointly nominate the appointment of three directors on the bank's board and none of them can unilaterally exercise the right.
However, it turned down Madhu Kapur's request for appointing her daughter Shagun Kapur Gogia on the board of Yes Bank.
The court further observed that the bank had not complied with the procedures in the appointment of Diwan Arun Nanda and Ajay Vohra to the board last year.
Yes Bank said in a release that it will decide on further legal action based on the advice of its solicitors.
According to media reports, Yes Bank's MD and CEO Rana Kapoor and the late Kapur's family have been at loggerheads for years over the rights of the legal heir to nominate directors to the board jointly as per the articles of association formed at the time of founding the bank. Ashok Kapur was killed in the 2008 Mumbai terrorist attack.
Madhu Kapur and her daughter had petitioned the Bombay High Court in 2013 about their lack of say in the appointment of directors and wanted the court to uphold their right to jointly nominate directors.
Yes Bank's net profit rose 28.1% to Rs 550.99 crore on 22.1% growth in total income to Rs 3678.83 crore in Q4 March 2015 over Q4 March 2014.
Yes Bank has a pan India presence across all 29 states and 7 Union Territories of India.
Powered by Capital Market - Live News