After opening the day in red, share markets in India have traded on a negative note and are presently trading below the dotted line. Sectoral indices are trading mixed with stocks in the IT sector and stocks in the auto sector trading in the red. While stocks in the FMCG sector are trading in green.
The BSE Sensex is down by 420 points (down 1.1%) and the NSE Nifty is trading down by 140 points (down 1.3%). Meanwhile, the BSE Mid Cap index is trading down by 1%, while the BSE Small Cap index is trading down by 1.5%. The rupee is trading at 73.49s to the US$.
In news from stocks in the banking sector. Yes, Bank share price among the top losers today after the Reserve Bank of India (RBI) denied an extension to the CEO Rana Kapoor and reaffirmed the February 1 deadline for finding his successor.
Earlier the bank’s board said that it would ask the RBI to grant an extension of eight months to managing director (MD) and chief executive Rana Kapoor.
The board had sought an extension for Kapoor till 30 April for finalization of financial statements for the year to 31 March, and thereafter a further extension till 30 September for completing the annual general meeting process, it said in an exchange filing.
In June, Kapoor had sought a three-year extension till 31 August 2021, but the regulator had agreed to extend his tenure only till 31 January 2019.
Yes, Bank share price has been in focus since last month and was trading down by 6%. The board has already set up a search committee to identify a successor to Kapoor. The committee will include three existing nomination and remuneration committee board members, along with two external experts.
On Friday, 21 Sep 2018, the markets witnessed a flash crash in the afternoon when the Sensex suddenly crashed 1,100 points, before recovering some of the losses.
Yes Bank, one of the constituents of the Sensex, crashed over 30% after the Reserve Bank of India cut CEO Rana Kapoor’s tenure to just four months. He has to step down from the post by 31 January 2019.
Leave A Comment