Tuesday , March 2 2021

Yes Bank share price: YES Bank drops 5% as chairman Ashok Chawla resigns

YES Bank shares missed over 5% at the beginning of trading on Thursday, after Ashok Chula, chairman of the non-executive bank, fell on Wednesday.

Scrip dived as much as 5.51 percent to Rs 210.25, while BSE Sensex was 0.17 percent at 35,201.

The bank said that Olla submitted his resignation because he felt the private lender would need a chairman who could devote more time and attention while Rana Kapoor was on his way out.

"The Bank shall give explicit notice of the appointment of a Chairman, after the approval of RBI," the portfolio was listed for trading on the Stock Exchange.

YES Bank, the fourth largest bank in the private sector, is looking to find a successor to the director general of the Rana Kapoor, whose term is due to end on January 31, 2019.

The Reserve Bank of India denied extending it even when the board of directors of the bank sought to extend it until at least April.

Chawla is also Chairman of the National Stock Exchange since 2016.

Last month, the YES board received letters about the continued tenure of Chaolo as chairman, after being mentioned in the indictment filed by CBI in July in the Irish-Macsys affair.

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