Yes Bank shares slipped over 6% in early morning trade today after the bank’s non-executive independent director R. Chandrashekhar stepped down from the board with immediate effect. Yes Bank share price dropped 6.5% to an intra-day low of Rs 191.60 per share on the National Stock Exchange in opening trade today. Over 7 million shares exchanged hands in the first few minutes of trade.
“We would like to inform that Mr. 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 private sector lender said in a regulatory filing late on Monday. This is the third resignation from Yes Bank’s board since last week. The bank cited personal reasons for Chandrashekhar’s resignation.
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Last week, Yes Bank shares had cracked nearly 15% in two days following the resignation of the private sector lender’s non-executive chairman Ashok Chawla on November 14 and the stepping down of former SBI chairman O P Bhatt a day later from the panel set up to find a successor to its MD and CEO Rana Kapoor.
The series of resignations has affected Yes Bank stock. However, on Monday, shares of private lender Yes Bank soared 7.6% to Rs 205.50, registering biggest intraday percentage gain since November 1, after ICRA retained its issuer ratings. The private sector lender is currently going through a transition phase after the RBI in September refused to grant an extension to current MD and CEO Rana Kapoor.
Since September 19 — when the RBI first curbed Kapoor’s term — Yes Bank shares are currently down nearly 40%. The private bank’s scrips saw their biggest intra-day plunge in over a decade on September 21 after the RBI curtailed Rana Kapoor’s term until January 31, 2019. The shares slumped to a fresh 52-week low of Rs 165 on September 28 on the NSE.