Rana Kapoor's man Friday and former CFO Rajat Monga quits Yes Bank

Rajat Monga, senior group president and former chief financial officer at troubled lender Yes Bank, has quit, chief executive Ravneet Gill said on Thursday. anuncement came during a conference call with investors and analysts following a heavy plunge in bank's share price over past few sessions. bank scrip h dipped to historic lows and lost 22 per cent of its value just on Tuesday to close at a low Rs 32, down from a high of Rs 404 in August 2018 when RBI asked Rana Kapoor to leave bank. Gill's comments before markets opened lifted stock, though, rallying over 24 per cent on BSE, whose benchmark was down around 0.3 per cent. Gill me anuncement in response to a query on why Monga, long-time 2 at bank since days when it was heed by expelled promoter-chief executive Rana Kapoor, was missing from con-call.

"Monga needed some time off," says Ravneet Gill

"Rajat has decided to move on. For past two years he has been carrying a lot of lo and needed some time off so has decided to leave," Gill said. Gill, who replaced Kapoor in March following latter's term being cut short by RBI over governance issues and under-reporting of b loans, said possibility of Monga taking a sabbatical was also discussed but he decided to move on. "He just felt that he was at that st of his life and career where he needed to step back, reassess his future course personally and professionally," Gill said. disclosure of resignation comes at a time when Kapoor family's holding in bank has come to very low levels under 2 per cent from a high of a little over 13 per cent in August 2018, following sale of 3.92 per cent holding by an asset manr with whom holding was pledged as a security.

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Meanwhile, Gill tried to assu investor concerns asserting that share price is t much related to fundamentals. " fall in share price is t reflective of core operating performance of bank which I can assure you is strong and robust," he claimed, ding liquidity and capital positions are much above mandatory thresholds. bank, which is kwn for high growth, is consolidating and taking a measured growth approach, Gill ded. He said a few key officials, who continue to be associated with lender, have sold ir personal holdings due to issues of loans that y would have taken to buy employee stock options and ded that se actions have thing to do with ir commitment to bank. Replying to a query on depositor concerns in wake of a reduction in deposit base, Gill said this has to be seen in context of a shrinking asset base, and ted that it ded 1.80 lakh new accounts during September quarter. But its balance sheet has shrunk by over 4 per cent w over last year. new deposits are also up 13 per cent quarter-on-quarter, he said.

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Yes Bank scrip hits historic low

bank is engd in regular discussions with RBI and finance ministry, and both of m want a strong and independent Yes Bank, Gill said, answering a query on wher a merger has ever been discussed. bank is on lookout for capital eir from a private equity investor or a strategic investor or family office, he said. asset quality issues it is facing are me partly difficult by challenging macroecomic environment and bank does t anticipate any troubles cropping up in portfolio, chief risk officer Ashish Agarwal said. bank scrip was tring 27.77 per cent up at Rs 39.60 at 1210 hours on BSE as against a 0.40 per cent correction on benchmark.

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