YES Bank cracks 6% on independent director’s resignation

NEW DELHI: Shares of private lender YES Bank plunged over 6 per cent on the BSE in early trade on Tuesday, after reports emerged that its independent director R Chandrashekhar stepped down from the board.

YES Bank’s independent director R Chandrashekhar has stepped down from its board, making it the third resignation in a week since the bank’s nomination & remuneration committee (NRC) started reviewing board members performance, ET reported.

“The Nomination & Remuneration Committee (NRC) of the bank will look for a suitable replacement in the field of IT and cyber-security,” the bank said in a statement.


Following the development, shares of the company cracked 6.49 per cent to Rs 191.75. However, the stock recovered slightly and traded 3.95 per cent down at Rs 196.95 around 9:45 am. the benchmark Sensex was 0.25 per cent down at 35,686 at that time.

Shares of YES Bank had closed at Rs 205.05, up 7.19 per cent on Monday as a search panel entrusted with finding Rana Kapoor's successor to lead YES Bank shortlisted multiple names, including Pralay Mondal (Senior Group President of Retail & Business Banking, YES Bank) and Rajat Monga (Senior Group President & CFO, Yes Bank).