Rajat Monga, Senior Group President & former CFO of Yes Bank resigns

Rajat Monga

Rajat Monga, the senior group president and former chief financial officer of private lender Yes Bank has put down his papers, chief executive Ravneet Gill.

Rajat Monga

The revelation is made during a conference call with investors and analysts in the account of a heavy drop in the bank’s share price over the past few sessions.

The bank’s share fell historically and lost 22 percent of its value just on Tuesday and closed at Rs 32, down from Rs 404 in August 2018 when RBI asked Rana Kapoor to resign. Gill’s comments prior to the opening of the markets raised the stock, though, rallying over 24 percent on the BSE, whose benchmark was down around 0.3 per cent.

Gill made the announcement when asked on Monga’s absence from the concall. He was second in lead after Rana Kapoor, the expelled promoter-chief executive.

“Rajat has decided to move on. For the past two years, he has been carrying a lot of loads and needed some time off…so has decided to leave,” Gill said.

Gill, replaced Kapoor in March after the latter’s reign was trimmed by the RBI over governance issues and under-reporting of bad loans.

“He just felt that he was at that stage of his life and career where he needed to step back, reassess his future course personally and professionally,” Gill said.

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