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YES Bank shares slump over 6% after independent director's resignation

YES Bank shares slump over 6% after independent directors resignation

New Delhi: Shares of YES Bank Tuesday slumped over 6 per cent after independent director Rentala Chandrashekhar put in his papers marking the third resignation from the company's board.

The stock plunged 6.10 per cent to close at Rs 192.55 on BSE. During the day, it tumbled 6.73 per cent to Rs 191.25.

At NSE, shares of the company tanked 6 per cent to end at Rs 192.50.

The stock was the worst hit among the blue chips on both the key indices during the day.

The company's market valuation dropped Rs 2,849.63 crore to Rs 44,501.37 crore on BSE.

In terms of equity volume, 69.21 lakh shares of the company were traded on BSE and over 7 crore shares changed hands at NSE during the day.

"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 had said in a filing.

The bank cited personal reasons for Chandrashekhar's resgnation.

On November 14, the bank's non-executive chairman Ashok Chawla had resigned as his name figured in a CBI chargesheet filed in the Aircel-Maxis case.

Another independent director Vasant Gujarathi, too, had tendered his resignation on the same day over audit committee performance issues.

The Reserve Bank has asked the private sector lender to find a replacement for its founder MD and CEO by January 31.

PTI

PTI

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