YES Bank jumps 14% on appointment of Ravneet Gill as new MD & CEO

Shares of YES Bank jumped19 per cent to Rs 235, bouncing back 24 per cent from intra-day low on the BSE, after the private sector lender appointed Ravneet Singh Gill as managing director and chief executive officer (MD & CEO) of the bank. The stock hit a low of Rs 189 in the intra-day trade on Thursday.

“The Bank has received Reserve Bank of India (RBI) approval for its new MD & CEO, Ravneet Singh Gill for him to join on or before March 1, 2019,” YES Bank said in statement.

The Board will convene on January 29, 2019 to finalise the interim transition, it added.

At the fag-end of the session, YES Bank traded at its highest level since October 17, 2018. It has rallied 57 per cent from its 52-week low of Rs 147, touched on November 29, 2018 in intra-day trade on the BSE.

The stock settled at Rs 225.50 apiece on NSE, up 14.32 per cent, as compared to 0.17 per cent per cent rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 128 million equity shares changed hands on the BSE and NSE so far.