India markets closed

Yes Bank lodges complaint against fakes news on WhatsApp about its financial health

FE Online
Yes Bank, Yes Bank floor price, capital raising committee, qualified institutional placement, yes bank board, market

Private lender Yes Bank on Sunday said it has lodged a complaint with Mumbai Police and Cyber Cell against the fake news and rumours circulating on WhatsApp and other social media platforms with respect to the bank's financial health. The bank said that it has requested the authorities to set up a multi-disciplinary team of experts to track the origin of these messages and assess the short-sell positions held directly or indirectly by such accused persons, the bank said in a statement.

According to the bank, "some miscreants have been spreading false information and malicious rumours," since past few days to "create panic and fear in the mind of its depositors," it said. The messages circulating on social media platforms including WhatsApp, Yes Bank said, are intended to spoil the bank's reputation amid its stakeholders, depositors, and the general public.

Yes Bank, issuing a statement, said that it will continue to protect the interest of its stakeholders and would take action against such miscreants even as it reiterated its financial health to be "absolutely safe and sound."

Also read: Benefits of repo rate cut to reach consumers faster this time; banks introduce new packages

The bank had last month also said that about its sound financial health after the promoter group company Morgan Credits owned by Yes Bank co-founder Rana Kapoor and his three daughters sold 2.3 per cent stake in Yes Bank prepay substantial portion of outstanding non-convertible debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company," the company said in a regulatory filing.

"The board of directors of YES Bank would like to state that the financial position of the bank is sound and stable, its operating performance continues to be robust, and its growth plans stay firmly on track," Yes Bank had said in a statement.

Earlier this week, the bank's management had said that there was no pressure to merge even as its CEO Ravneet Gill said, as reported by Financial Express, that bank was absolutely liquid and that the movement in share price should not be looked upon as a proxy of the bank's health.