Yes Bank Shares Fall Over 6% After Rentala Chandrashekhar Resigns From Board

Private sector lender Yes Bank Ltd was the top loser on both the key indices after its non-executive and independent director Rentala Chandrashekhar resigned on Monday, in addition to a slew of resignations from its board in last few weeks. Shares of the lender plunged as much as 6.7 per cent on Tuesday, closing at Rs 192.55, down Rs 12.50 or 6.10 per cent on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), Yes Bank shares settled at Rs 192.50, with a loss of Rs 12.3 or 6.01 per cent. 

Yes Bank shares opened at Rs 198.55 apiece on Tuesday as compared to the previous close of Rs 205.05 on the BSE. On the NSE, Yes Bank shares opened at Rs 198.00 against the last close of Rs 204.80. The S&P BSE Sensex ended at 300.37 points lower at 35,474.51. The broader Nifty50 settled at 10,656.20, down 107.20 points.

In a regulatory filing on Monday, the lender informed that Mr Chandrashekhar, bank's Independent Director, has tendered his resignation from the bank's board, with immediate effect, due to personal reasons. "The Nomination and Remuneration Committee (N&RC) of the bank will look for a suitable replacement in the field of Information Technology and Cyber Security in terms of applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Companies Act, 2013 and Banking Regulation Act, 1949," the lender said.

Last week, Ashok Chawla also resigned as non-executive chairman of Yes Bank. According to sources, 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. Another independent director Vasant Gujarathi too tendered his resignation with immediate effect due to personal commitments, the bank said in a filing last Thursday.