October 6, 2019 / 11:06 AM / a month ago

India's Yes Bank files police complaint over 'fake news' on its financial health

NEW DELHI, Oct 6 (Reuters) - India’s Yes Bank on Sunday said it filed a police complaint against what it called as “fake news and rumours” about its financial health circulating on social media, including on the Facebook-owned messaging platform WhatsApp.

In its complaint to the Mumbai police and its cyber wing, the country’s fourth-largest largest private bank said it had requested authorities to find those behind the rumours 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,” Yes Bank said in a statement.

A spokeswoman for WhatsApp in New Delhi did not have any immediate comment.

A Mumbai police spokesman did not respond to calls for comment.

The Yes Bank statement comes days after its stock price plunged to close at its lowest in a decade last week here Yes Bank said a forced stake sale by a shareholder led to the steep fall in its shares.

Debt problems in India’s so-called shadow banks have prompted concerns about the health of India’s financial sector as a whole, following the default by a major infrastructure lender last year.

In the statement on Sunday, Yes Bank reiterated its financial position was “safe and sound.”

Reporting by Zeba Siddiqui in NEW DELHI; editing by Jane Merriman

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