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YES Bank files complaint with police, seeking origin of fake news and to assess short-sell positions

Some miscreants have been spreading false information and malicious rumors about YES Bank on WhatsApp.|
Updated: Oct 07, 2019, 10.57 AM IST
NEW DELHI: Private lender YES BANK on Sunday said it has lodged a complaint with Mumbai police and cyber cell against the dissemination of fake news and spread of rumors about the bank's financial health on WhatsApp and other social media platforms.

The 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.

“Over the past few days some miscreants have been spreading false information and malicious rumors about YES Bank on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors. The messages attempt to portray the Bank in poor light and are intended to tarnish the image of the Bank in the eyes of its depositors, stakeholders and the general public,” the lender said in a regulatory filing.

YES Bank added that it remains committed to protect the interest of all its valued stakeholders and promises to take strong steps against the fear/ panic mongers.

“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,” it said.

Back-to-back reports of promoters selling stakes and lenders to the bank revoking shares pledged with them, battered the stock badly last week. A surge in the scrip on Friday ensured the stock recovered and closed 13.63 per cent down at Rs 42.20 for the week.
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