Yes Bank files complaint against 'Fake News' on its financial health

The Yes Bank on Sunday has lodged a complaint with Mumbai Police and Cyber Cell against alleged fake news and rumours about the bank's financial health on social media. The complaint has come against the backdrop of promoters cutting their stake and shares of the company witnessing heavy beating at stock exchanges during the last few days. 

The bank, in a regulatory filing, said, "Yes Bank has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumours about the bank's financial health on WhatsApp and other social media platforms." The lender has also requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly, by such accused persons.

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"Over the past few days, some miscreants have been spreading false information and malicious rumours about Yes Bank on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors. The messages attempt to portray the bank in poor light and are intended to tarnish the image of the bank in the eyes of its depositors, stakeholders and the general public," the bank said.

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Being committed to protecting the interests of its valued stakeholders, the bank has promised to take strong steps against the fearmongers, it added. "The bank appeals to its trusted patrons to be cautious of false information circulating against it and assures that its financial position continues to be absolutely safe and sound," Yes Bank added.

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Former CFO Rajat Monga quits Yes Bank

Earlier, Rajat Monga, the senior group president and former chief financial officer at the troubled lender Yes Bank, has quit, chief executive Ravneet Gill said on October 3. The announcement came during a conference call with investors and analysts following a heavy plunge in the bank's share price over the past few sessions. The bank scrip had dipped to historic lows and lost 22% of its value just on October 1 to close at a low Rs 32, down from a high of Rs 404 in August 2018 when RBI asked Rana Kapoor to leave the bank.

Gill's comments before the markets opened lifted the stock, though, rallying over 24% on the BSE, whose benchmark was down around 0.3%. Gill made the announcement in response to a query on why Monga, the long-time No 2 at the bank since the days when it was headed by the expelled promoter-chief executive Rana Kapoor, was missing from the con-call.

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