Yes Bank Shares Plummet As Third Board Member Resigns

Yes Bank's independent director Rentala Chandrashekhar resigned on Monday, as per the lender's regulatory filing. "We would like to inform that Rentala Chandrashekhar, Non-Executive, Independent Director has tendered his resignation from the board of directors of YES Bank on November 19, 2018, with immediate effect," the bank said last night.

It further said, "The Nomination & Remuneration Committee of the bank will look for a suitable replacement in the field of Information Technology & Cyber Security in terms of applicable provisions of Sebi regulations, Companies Act and RBI Act."

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.

Last Wednesday, Yes Bank's non-executive chairman Ashok Chawla submitted his resignation, followed by OP Bhatt (former SBI chairman) on Thursday, who also withdrew from his position as an external expert to the panel formed to find a replacement for Rana Kapoor.

Shares of Yes Bank fell as much as 6.4 percent to Rs 191.60 a piece in morning trade today. The stock has declined by 33 percent in the last 12 months. It was the worst performer on Nifty as well as Sensex at the time of writing this article.