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YES Bank shares slump 6.5% after independent director’s resignation

Shares of YES Bank on Tuesday slumped 6.5 per cent after independent director Rentala Chandrashekhar put in his papers marking the third resignation from the company’s board.

The stock dived 6.48 per cent to Rs 191.75 on BSE.

At NSE, shares of the company slumped 6.44 per cent to Rs 191.60 apiece.

The stock was the worst hit among the blue chips on both the key indices during the morning trade.

“We would like to inform that Rentala Chandrashekhar, Non-Executive, Independent Director has tendered his resignation from the board of directors of YES Bank on November 19, 2018 with immediate effect,” the bank had said in a filing.

The bank cited personal reasons for Chandrashekhar’s resgnation.

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

The Reserve Bank has asked the private sector lender to find a replacement for its founder MD and CEO by January 31.

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