Shares of private sector lender YES Bank Ltd fell as much as 6.9 per cent to Rs 207 rupees, their lowest since November 5. Adding to current woes at top management, non-executive independent chairman Ashok Chawla resigned from the board, the bank had said in a statement late Wednesday.
According to the statement, Chawla said the bank would need a chairman who could ‘devote more time and attention” during the current transition period. Last month, the Reserve Bank of India (RBI) had denied YES Bank's request for a second time to extend Chief Executive Rana Kapoor's term, and told the lender to find a new CEO by February 1.
At the day's lowest, YES Bank shares have fallen nearly 35 per cent since the RBI first curbed Kapoor's term on September 19. The stock marked it sharpest intraday fall in nearly three weeks, and was among the top percentage losers on the NSE index. Over 20 million shares changed hands, compared with the 30-day moving average of 48.5 million shares.