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Yes Bank Slumps Over 8% Following Chairman's Resignation


Yes Bank shares lost heavily in Thursday's intra-day trade by over 8% after the private-sector lender's non-executive Chairman, Ashok Chawla, has put down his papers. The resignation comes into immediate effect and the executive has stepped down from his position with the bank after his name has come in the Aircel-Maxis controversy. Also, on the sidelines, Independent Director Vasant Gujarathi has also stepped down giving personal commitments for the move.

Yes Bank Slumps Over 8% Following Chairman's Resignation

Subject to approval from the bank's shareholders, Yes Bank has appointed Uttam Prakash Agarwal in the position of Independent additional director for a term of 5 years.

Also, the leading private bank is on the hunt of its new MD and Chief Executive, who will succeed Rana Kapoor.

Ever since the RBI scaled down Rana Kapoor's term as the bank's MD and CEO to January 31, 2019 in September this year, the stock of Yes Bank has slid by as much as 30% to Rs. 223, as of November 14, 2018 from the levels of Rs 319 recorded on September 2019.

For the quarter ending September, the bank has posted a 3.8% decline in net profit to Rs. Rs 9.64 billion.

Yes Bank scrip was last quoting down by 7.53% at Rs. 205.75 on the BSE. The stock has made an intra-day low of Rs. 202.30 so far.

Read more about: yes bank
Story first published: Thursday, November 15, 2018, 11:01 [IST]
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