September 26, 2018 / 4:03 AM / a month ago

BUZZ-India's Yes Bank rises; board seeks extension of CEO's term

** Shares of Yes Bank Ltd rise as much as 2.9 pct to 226 rupees

** Lender to seek Reserve Bank of India’s approval to extend CEO Rana Kapoor’s term until April 30, 2019; Yes Bank on Tuesday said it needs more time to identify and groom successor

** Bank seeking extension for Kapoor’s term in order to finalise results for fiscal 2019 and until Sept. 30, 2019, for its annual general meeting

** Deutsche Bank says given the uncertainties around Yes Bank and its strategies, medium-term growth/fees may be challenging; cuts PT to 310 rupees from 350 rupees while retaining “buy” rating

** Appointment of a credible new CEO now becomes critical for stability of operations of bank - Macquarie Research

** 31 of 46 brokerages covering stock have “buy” or equivalent rating, 10 have “hold” while five have “sell” rating; median PT 411.50 rupees

** The private lender has lost 30.3 pct this year as of its last close, compared with rival ICICI Bank Ltd’s 0.92 pct decline and Axis Bank Ltd’s 8.9 pct gain

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