Yes Bank share price 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 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.
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.