Millennium Post

Yes Bank falls 7% after Chawla resigns as non-executive chairman

New Delhi: Extending its loss for the second consecutive day, shares of Yes Bank dropped 7 per cent Friday on bourses after the private sector lender's non-executive chairman Ashok Chawla stepped down with immediate effect.

After a negative opening on BSE, the scrip further declined 7.7 per cent to touch an intra day low of Rs 190.1. At 1300 hrs, the shares were being traded at Rs 190.65, down 7.45 per cent from the previous close.

On the NSE also the scrip of the private bank continued to fall as it tumbled 7.6 per cent to Rs 190, its lowest during the afternoon trade.

On Thursday, the private lender had plunged over seven per cent on the stock exchanges.

In a regulatory filing on Wednesday, Yes Bank announced that Ashok Chawla, non-executive independent part-time chairman, had tendered his resignation from the bank's board, with immediate effect.

Further, former SBI chairman O P Bhatt has resigned from the panel set up by Yes Bank to find a successor to its MD and CEO Rana Kapoor.

The Reserve Bank has already asked the private sector bank to find replacement of founder MD and CEO by January 31.

Last month, Yes Bank had said the panel looking for a successor to MD and CEO Rana Kapoor has finalised the potential candidate profile.

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