Yes Bank Director Quits, Saying He’s Unhappy With `Developments’
Posted on 20th November 2018 |
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| An independent director at Yes Bank Ltd., a lender that’s been ordered by India’s central bank to replace its chief executive officer, resigned on Monday saying he was concerned about recent events at the company. “I wasn’t happy with the developments taking place in the recent past and the way it was handled,” R. Chandrashekhar said in a message on WhatsApp, declining to be more specific. The lender’s shares tumbled as much as 6.5 percent on Tuesday, the worst performer on the S&P BSE Sensex index. The Mumbai-based lender has seen a spate of resignations in the past week as it continues its search for a new CEO to replace the incumbent, Rana Kapoor. Non-executive Chairman Ashok Chawla resigned on Nov. 14, followed the next day by O.P. Bhatt, who quit from the panel set up to find a new CEO. India’s central bank has asked co-founder and CEO Kapoor to step aside by the end of January. The Reserve Bank of India is taking action against several banks as part of its efforts to root out a system-wide legacy of shoddy lending that has resulted in ballooning bad debts. The regulator earlier this year refused to extend the tenure for the CEO at Axis Bank Ltd. In a statement issued earlier Monday, Yes Bank said Chandrashekhar has resigned for personal reasons. It said the bank will look for a replacement “in the field of information technology and cyber security.” |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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