Photo: Aniruddha Chowdhury/Mint
Photo: Aniruddha Chowdhury/Mint

Yes Bank files complaint with Mumbai Police, cyber cell alleging fake news

  • The private lender’s stock has been losing value every day amid speculations of concerns over declining asset quality
  • Managing Director Ravneet Gill had eased worries on the liquidity front, saying that the bank had 'enough liquidity'

Yes Bank has filed a complaint with Mumbai Police and cyber cell against circulation of fake news and spreading of rumours about the bank’s financial credibility, the bank said in an exchange filing on Sunday.

“Yes Bank has 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," the bank said.

The private lender’s stock has been losing value every day amid speculations of concerns over declining asset quality, liquidity situation, exposure to stressed sectors and corporate governance issues. However, the management, at a concall on Thursday, allayed investor concerns and assured them of the bank’s sound financials. This caused the bank’s stock to surge 34%.

Managing Director Ravneet Gill had eased worries on the liquidity front, saying that the bank had “enough liquidity".

“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 bank said.

The bank also said the fake messages in circulation have shown the bank in poor light, tarnishing its image for depositors, stakeholders and the general public.

The bank will continue to protect the interest of all stakeholders by taking strong measures against those who have been creating panic, the bank said.

“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," the bank said.

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