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Yes Bank gains 3.5%, among top Nifty 50 gainers

Shares of Yes Bank extended gains for the second straight day. For the week, the stock has gained more than 14%.

The stock rose after it announced that it had finalized its search and selection committee to find a new CEO. The board inducted TS Vijayan, former chairman of IRDAI and LIC, and OP Bhatt, former CMD of State Bank of India as external experts in the committee. The internal members include Brahm Dutt, Mukesh Sabarwal, and Subhas Chander Kalia.

The bank has invited proposals from global leadership advisory firms specializing in banking, financial services, and insurance.

The first meeting of the committee will be on October 11, 2018.

Moreover, the bank claimed that it has also invited proposals from global leadership advisory firms, who specialize in BFSI (banking, financial services, and insurance) to help the search panel to find a successor.

Meanwhile, news reports suggest that the bank’s estranged promoters Rana Kapoor and Madhu Kapur have initiated moves to reach an out-of-court settlement. This makes the appointment smoother which would have otherwise become long-drawn and tough as the committee will need approval from both the sparring sides.

Yes Bank Ltd is currently trading up 3.06% at Rs227.55 from its previous close of Rs220.80 on the BSE.

The scrip opened at Rs226 and has touched a high and low of Rs233.55 and Rs224.45 respectively.

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