Mumbai, October 6: Amid the ongoing economic slowdown, tensions have escalated for Yes Bank as "fake news" related to the company's financial health has led to the free fall of its shares at the stock market. The bank's management on Sunday registered a complaint with the Mumbai Police and the Cyber Cell, seeking a crackdown at the source of the misinformation campaign. Yes Bank Back in Green After 5-Day Fall; Zooms Over 29%.
The complaint has come against the backdrop of promoters cutting their stake and shares of the company witnessing heavy beating at stock exchanges during the last few days.
"Yes Bank has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumours about the bank's financial health on WhatsApp and other social media platforms," the bank said in a regulatory filing.
The lender has also 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 rumours 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 bank said.
The bank remains committed to protecting the interest of all its valued stakeholders and promises to take strong steps against the fear mongers, it added.
"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," Yes Bank added.
(With PTI inputs)