YES Bank falls 6% as R Chandrasekhar resigns from board

YES Bank Photo: Reuters
Shares of YES Bank have dipped 6.5% to Rs 192 per share on Tuesday, erasing almost its entire Monday’s 7% gain on  BSE, after the bank’s independent director Rentala Chandrashekhar put in his papers.

“Rentala Chandrashekhar, non-executive, independent director has tendered his resignation from the bank's board, on November 19, 2018, with immediate effect, due to personal reasons,” YES Bank said on Monday after market hours.

The Nomination & Remuneration Committee of the bank will look for a suitable replacement in the field of information technology and cybersecurity in terms of applicable provisions of Securities and Exchange Board of India (SEBI), it added.

Earlier last week, former SBI chairman O P Bhatt resigned from the panel set up by the bank to find a successor for Rana Kapoor.

On November 14, the bank's non-executive chairman Ashok Chawla had resigned as his name figured in a CBI charge sheet 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.

In past one week, the stock has underperformed the market by falling 15%, as compared to a 1.5% rise in the S&P BSE Sensex. It touched a 52-week low of Rs 166 on September 28, 2018, in intra-day trade.

At 09:34 am, YES Bank was trading 5% lower at Rs 195 on the BSE, against 0.31% decline in the benchmark index. A combined 14.24 million equity shares changed hands on the counter on the BSE and NSE so far.

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