Yes Bank share price tumbles 9% on resignation of non-executive chairman Ashok Chawla

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Published: November 15, 2018 12:48:21 PM

Yes Bank share price: Shares of India’s private sector lender Yes Bank tumbled on Thursday morning, after Ashok Chawla resigned as non-executive chairman of the bank. Yes Bank share price dropped 9.06% to hit the day's low at Rs 202.25.

Yes Bank share price tumbled by more than 9.05% to hit the day’s low of Rs 202.25.

Yes Bank share price: Shares of India’s private sector lender Yes Bank tumbled on Thursday morning, after former bureaucrat Ashok Chawla resigned as non-executive chairman of the bank. Yes Bank share price tumbled by more than 9.05% to hit the day’s low of Rs 202.25. PTI reported sources as saying that Mr Chawla offered to quit as controversy was being generated on his continuance on the board of directors following his name appearing in a CBI charge-sheet in the Aircel-Maxis case.

“Yes Bank announces that Shri Ashok Chawla, Non-Executive Independent Part-Time Chairman, has tendered his resignation from the Bank’s Board, with immediate effect, mentioning that during the current transition period, the Bank would need a Chairman who could devote more time and attention,” Yes Bank said in a regulatory filing.

Also read: Share market LIVE updates: Sensex rises 100 pts, Nifty above 10,600; Jet Airways jumps 8%, Yes Bank tanks 9%

Yes Bank shares have been under fire lately, after the firm’s scrips saw their biggest intra-day plunge in over a decade on September 21st, after RBI curtailed the bank’s Chief Executive Officer Rana Kapoor’s term until January 31, 2019. The shares slumped to a fresh 52-week low of Rs 165 on September 28th on NSE. Notably, at today’s low point of the day, shares of the bank have fallen nearly 38% since the RBI first curbed CEO Rana Kapoor’s term on Sept 19. Further, the  stock marks it sharpest intraday fall in nearly three weeks and emerged among top pct losers on the NSE index.

The firm has reported a 3.8% on-year decline in net profit to Rs 964.7 crore, which includes an impact of Rs 252.2 crores of one time MTM provisioning, predominantly on Corporate Bonds. Asset quality of the bank deteriorated as the gross non-performing assets (NPAs) of the bank rose to 1.60% during the second quarter of 2018 as compared to 1.31% reported during the previous quarter. Net NPA also rose to 0.84% from 0.59% reported during the previous quarter.

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