Shares of the private lender continue to fall for the second session in a row after former SBI's chairman O P Bhatt resigned from the panel to pick a replacement for Rana Kapoor as the MD and CEO of Yes Bank.
In a stock exchange filing, Yes Bank said, "We would like to inform that Mr. O. P. Bhatt has tendered his resignation from his duties as an External Expert of the 'Search & Selection Committee' ('S&SC') with immediate effect citing that there may be a potential conflict of interest." Bhatt was appointed for the position on 5 October.
The share price of the Mumbai-based bank fell 7 percent on Friday, extending the 7 percent loss in the previous day's session. On Thursday, the stock plummetted after the lender's non-executive chairman Ashok Chawla submitted his resignation on Wednesday. In two days, its been down by 14.56 percent to Rs 190.10 apiece compared to Wednesday's close of Rs 222.50 on BSE.
The bank has a deadline of 31 January 2019 from the Reserve Bank of India (RBI) to find a new CEO. In September, the regulator refused to grant an extension to Rana Kapoor's term as the bank's MD and CEO. The share price has fallen by 38 percent since.