July 8, 2019 / 9:43 AM / 15 days ago

RPT-BUZZ-Yes Bank snaps losing streak, up over 7% in plunging Indian market

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** Shares in Yes Bank rise as much as 7.3% to 94.60 rupees amid a broader selloff in Indian shares

** Stock set to snap 4-day losing streak after hitting a 5-year low earlier in the day

** Bank hires two veteran bankers as senior group presidents - Rajeev Uberoi will lead governance and controls, while Anurag Adlakha will lead financial management and strategy

** India’s 5th largest private-sector lender by assets says it “strongly refutes” speculation about its management and asset portfolio

** “The financial position of Yes Bank is sound & stable and its liquidity & operating performance continue to be robust” - co statement

** Yes Bank shares have been falling as it deals with a management reshuffle and a bad loan crisis that has plagued most Indian lenders

** Last month UBS cut its price target on Yes, saying its margins would fall further due to bad loans, while Elara Securities said the proportion of below-investment grade loans in Yes Bank’s portfolio was likely to grow (Reporting by Sachin Ravikumar)

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